Just one week after her trip to China, Janet Yellen, the US Treasury Secretary, arrived in Gujarat for the G20 summit and expressed that the United States considers India as an essential partner in its policy of “friend-shoring.” Yellen addressed the press prior to her participation in the summit and emphasized the importance of derisking and friend-shoring, which involves encouraging companies to relocate their manufacturing operations from authoritarian countries to allied nations.
During her press briefing, Yellen stated, “Friend-shoring is a crucial aspect of our strategy to enhance the resilience of our supply chain, and we view India as an indispensable partner in this regard. I hope to further strengthen the already significant relationship between the United States and India in terms of friend-shoring during this trip.”
Yellen also highlighted the deepening ties between the United States and India, mentioning that the United States is India’s largest export market, and bilateral trade between the two countries reached an all-time high last year. She expressed the intention for further growth in trade between the two nations and mentioned that friend-shoring would be a significant topic of discussion during her upcoming visit to Vietnam.
The US Treasury Secretary emphasized the role of the private sector in friend-shoring and noted that private firms continue to invest in India, recognizing it as a country capable of producing and exporting goods to the United States.
Furthermore, Yellen reaffirmed the United States’ stance on Ukraine, stating that combating Russia’s efforts to evade sanctions is one of the core goals for the year. She expressed unwavering support for Ukraine’s defense against Russia’s illegal and unprovoked attacks, emphasizing the moral imperative of ending the war and its positive impact on the global economy.
Yellen reiterated the United States’ commitment to Ukraine, stating that the coalition’s support is unequivocal and will be maintained for as long as necessary. She also mentioned ongoing efforts to prevent Russia’s access to military equipment and technologies used in the conflict. The US Treasury Secretary highlighted the coalition’s determination to counter Russia’s attempts to evade sanctions, building upon recent actions taken in this regard.
Regarding her recent visit to China, Yellen expressed eagerness to collaborate with Beijing on mutual interests, such as debt restructuring for poorer nations. She described her trip as a step forward in establishing a more solid foundation for the relationship between the world’s two largest economies and establishing effective channels of communication. Yellen acknowledged that there is still much work to be done but expressed her enthusiasm for further progress based on the groundwork laid during her visit to Beijing.
