Challenges out of Russian invasion to firm up US-India ties: Treasury Secy Yellen

The challenges caused by Russia's "brutal, unjustified" invasion of Ukraine can help strengthen the partnerships between the US and India by "demonstrating the necessity of cooperation and clear and open communication", Treasury Secretary Janet Yellen has said.

Speaking in the Capital on November 11, Yellen said the trade, investment, and people-to-people ties between the US and India make the bilateral economic and financial relationship a critical element of that partnership.

"Throughout the discussions, I hope we can be open, frank and productive. We are committed to strengthening our bilateral economic relationship with India and to deepening our level of cooperation and collaboration," Yellen said in her opening remarks ahead of the Ninth US-India Economic and Financial Partnership Meeting.

In her own opening remarks, Finance Minister Nirmala Sitharaman said India deeply valued its relationship with the US as a trusted partner and today's meetings will lend "greater vigour" to the economic relationship between India and US.

"We will continue to rely on close cooperation with the United States to address the global economic challenges in a more coordinated manner and in strengthening multilateralism," Sitharaman added.

The bilateral meeting between Sitharaman and Yellen will be followed by an interaction with executives from major Indian and American companies operating in the country later today.

A joint statement on the Economic and Financial Partnership dialogue is expected later in the evening.

Earlier today, Yellen had said India was the US' ally in strengthening supply chains during an uncertain time for the global economy. Speaking at the Microsoft India Development Center in Noida, the US Treasury Secretary took aim at China and Russia, saying the world had been overly reliant on "risky countries" that "wield trade as a geopolitical weapon".

Yellen's whirlwind tour of Asia will see her in Bali, Indonesia, on November 12, where she will represent the US at the G-20 Joint Finance and Health Ministers' Meeting.

Yellen will also be present, along with US President Joe Biden, at the G-20 Leaders' Summit in Bali on November 15-16, before India takes over the presidency of the G-20 from Indonesia in December for a period of one year.

In her remarks, Yellen said the US is eager to discuss the shared priorities as India assumes the presidency of the G-20.

"We also hope that the mutual understanding we build will help us work together to advance our shared goals, including mitigating the existential risk of climate change, evolving multilateral institutions, and addressing the debt burden faced by many developing countries," she added.