Gandhinagar, 16 Jul: United States Secretary of the Treasury Janet Yellen on Sunday said the US sees India as an \u201cindispensable partner\u201d for friendshoring and she hopes to use her visit here to deepen what is already a significant relationship in that respect.
\nDerisking and friendshoring are important priorities for the US, and something that it is promoting in India, Yellen told reporters ahead of her meeting with finance ministers from G20 nations here in Gujarat.
\nFriendshoring is a strategy where a country sources raw materials, components and even manufactured goods from countries that share its values.
\nYellen said, \u201cFriendshoring is an important foundation of our approach to increasing resilience of our supply chains, and we see India as an indispensable partner in that and I hope to use this trip to deepen what is already a significant relationship with respect to friendshoring that the US and India have.\u201d The US-India bilateral ties have reached an all-time high, and the two countries are looking to see it grow even more, she said.
\nPrivate sector is a really important point of friendshoring, and private firms have continued to make announcements of investing in India as they see India as \u201can excellent place to be producing and exporting to the US,\u201d she said.
\nYellen highlighted four priorities which she plans to work on this week: debt distress in emerging markets and developing countries, multilateral development bank evolution, support for Ukraine, and global tax deal.
\nDebt vulnerabilities for many countries have mounted as a result of the pandemic and Russia\u2019s \u201cillegal\u201d war against Ukraine, with the share of countries in debt distress doubling compared to 2015, she said.
\n\u201cRestoring debt sustainability can help unlock the massive economic potential of developing nations. It can help them regain lost growth and development and enable them to make investments to address challenges that we are trying to tackle together,\u201d she said.
\nWhen these countries develop and contribute to the global economy, \u201call of us benefit,\u201d Yellen said.
\nShe said the US Treasury is ready to serve as a partner for the International Monetary Fund\u2019s (IMF) Poverty Reduction and Growth Trust \u2013 the PRGT \u2013 which needs to be put on more financially sustainable footing.
\n\u201cI expect the IMF to develop a set of options to do so. My team at Treasury is ready to serve as a partner for the IMF as it considers the options at its disposal \u2013 like using the internally generated resources of the fund to support the PRGT subsidy account,\u201d she said.
\nThe US will continue to build momentum for a collective initiative to evolve the multilateral development banks (MDBs), Yellen said.
\n\u201cOur reforms to the World Bank\u2019s balance sheet will responsibly unlock as much as USD 50 billion in additional lending capacity over the next decade. As part of our evolution agenda, we estimate that the MDBs as a system could unlock USD 200 billion over the next decade just from the measures already being implemented or under deliberation,\u201d she said.
\nThere is potential for even more if the MDBs undertake some of the longer-term and more complex recommendations in the G20 Capital Adequacy Framework report, she said.
\n\u201cThis is USD 200 billion more in funding that we can use to advance key global priorities: spurring economic growth and reducing poverty, fighting climate change, and promoting human development,\u201d she said.
\n\u201cAs we take these actions, we recognise that public financing alone cannot fully deliver on the massive challenges that face us. That\u2019s why it is essential that development banks ramp up their private capital mobilization rates,\u201d she said.
\nAnother key priority this week is to redouble support for Ukraine as it continues to defend itself against Russia\u2019s \u201cillegal and unprovoked attack,\u201d Yellen said.
\n\u201cLet me be clear: our coalition\u2019s support for Ukraine is unequivocal. The United States will stand with Ukraine for as long as it takes. And I know the allies and partners in our coalition will do so as well,\u201d she said.
\n\u201cWe will also continue to cut off Russia\u2019s access to the military equipment and technologies that it needs to wage war against Ukraine. One of our core goals this year is to combat Russia\u2019s efforts to evade our sanctions. Our coalition is building on the actions we\u2019ve taken in recent months to crack down on these efforts,\u201d she added.
\nTalking about the work to make the international tax system fairer and fit for purpose in the 21st century, Yellen said today many countries are moving forward to implement the global minimum tax on the earnings of large multinationals, which will end the race to the bottom on corporate tax rates.
\n\u201cIt will enable our government and others to implement tax systems that ensure multinationals pay their fair share and compete on a level playing field with small businesses. We continue to work together in the inclusive framework to ensure consistent implementation and we expect additional published guidance soon,\u201d she said. (PTI)<\/p>\n","protected":false},"excerpt":{"rendered":"
Gandhinagar, 16 Jul: United States Secretary of the Treasury Janet Yellen on Sunday said the US sees India as an \u201cindispensable partner\u201d for friendshoring and she hopes to use her visit here to deepen what is already a significant relationship in that respect. Derisking and friendshoring are important priorities for the US, and something that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-220511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/220511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=220511"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/220511\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=220511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=220511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=220511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}