In order to fast-track its energy transition, the United States (US) is working with India on an investment platform to deliver a lower cost of capital and increased private investment, US Treasury Secretary, Janet Yellen said on July 17. Also he said that Washington appreciates India’s leadership during its G20 Presidency and New Delhi’s demonstrated leadership on debt issues.
Addressing a press conference in Gandhinagar, Gujarat along with Finance Minister Nirmala Sitharaman today, Yellen said that the collaboration between the two nations spans a wide range of issues, including catalysing the clean energy transition.
Yellen said, “Our collaboration spans a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalyzing the clean energy transition.”
“In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed up India’s energy transition.”The US Treasury Secretary further added that she also values India’s emphasis on completing the landmark Two-Pillar global tax agreement in the inclusive framework.
“I also appreciate India’s focus on finalizing the historic Two-Pillar global tax deal in the Inclusive Framework, and I believe that we are close to reaching an agreement. We had a productive meeting in New Delhi last fall as part of the US-India Economic and Financial Partnership, or EFP, and I look forward to convening the 10th EFP meeting,” the US Treasury Secretary added.
Yellen said, as the world is looking forward to the G20 to make progress on key challenges like climate change and pandemics, both countries would take significant, concrete steps forward in meetings ahead. “The United States has appreciated India’s leadership during its G20 presidency, and we will continue our close cooperation. The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work to strengthen the global economy and to support developing countries. I am hopeful we can take significant concrete steps forward in our meetings,” Yellen said while addressing a press conference earlier today in Gandhinagar.
The US Treasury Secretary delivered the remarks after a meeting with Finance Minister Nirmala Sitharaman today.
Speaking on the Multilateral Development Banks (MDB), Yellen said, “I appreciate India’s demonstrated leadership on debt issues as G20 president, including your support for G20 efforts to improve the multilateral debt restructuring process. I also welcome India’s focus on advancing the evolution of the multilateral development banks, or MDBs,” adding that it is very important to use meetings like this to strengthen the coalition of shareholders that are working to bring reforms with respect to the MDBs’ vision.
“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 as part of this process.
The recently released G20 MDB Experts Group report is one recent useful input to this work, though we must only explore capital increases after the reforms in these areas have progressed further,” Yellen continued.
Moreover, she also spoke on Ajay Banga’s candidacy to lead World Bank and voiced her support for it.
“We believe that he is providing the right leadership to deliver on these critical reforms.
It is also important to address the immediate need to boost the Bank’s concessional lending capacity for global challenges and support low-income countries to supplement ongoing efforts. Indian partnership in this effort will be a key to its success,” Yellen said at the press conference in Gandhinagar today.
On US-India collaboration, the US Treasury Secretary noted that the partnership between the two nations spans a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalyzing the clean energy transition.
“Beyond our cooperation at the G20, we highly value our bilateral relationship with India. As illustrated by Prime Minister Modi’s recent State Visit to Washington, the United States and India are among the closest partners in the world. And I’ve been proud to help lead our work on that relationship,” she added.
Yellen and Sitharaman met in Gandhinagar on the sidelines of the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting under the Indian G20 Presidency.
The leaders discussed issues such as strengthening the multilateral development banks and harnessing opportunities presented by crypto assets. Sitharaman pointed out that the recent state visit of Prime Minister Narendra Modi to the United States last month and his meeting with the US President enhanced the strength and dynamism of the US-India partnership.
(with inputs from ANI)
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