US Treasury Secretary Janet Yellen has pitched a new version of global trade, calling for ‘like-minded countries’ to work together to reduce the world’s dependency on ‘risky countries’ like China.<\/p>\n\n\n\n
For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs,” Yellen said during her first trip to India as Treasury Secretary.<\/p>\n\n\n\n
\u201cWe are proactively deepening economic integration with trusted trading partners like India,\u201d she added.<\/p>\n\n\n\n
Yellen on Friday met\u00a0business leaders\u00a0at\u00a0Microsoft India Development Centre,\u00a0Noida\u00a0during her trip to India which focuses on strengthening India-US economic ties.<\/p>\n\n\n\n
The dynamism I’ve felt at Microsoft today is a testament to the talent of the Indian people and the vibrancy of its culture. It is no surprise that India is among the fastest-growing major economies in the world,” she said.<\/p>\n\n\n\n
“I am here to meet my counterpart Finance Minister Nirmala Sitharaman. India-US economic ties are getting stronger and deeper with time. With concerns on\u00a0supply\u00a0chain, we should work together,” she said.<\/p>\n\n\n\n
In proof of what Yellen has termed friendshoring, Western companies have already begun shifting production from China, to countries like India and Vietnam, in a bid to reduce dependency on China.<\/p>\n\n\n\n
Apple’s contract manufacturers in India – Foxconn, Wistron and Pegatron – are on an expansion phase, adding more assembly lines to their facilities to offset a slowdown in iPhone manufacturing in China.<\/p>\n\n\n\n
Yellen also highlighted US-based solar manufacturing company First Solar’s $648 million plan to build a 3.3 gigawatt (GW) facility in Tamil Nadu.<\/p>\n\n\n\n
\u201cThe United States and India share an interest in strengthening our supply chains in a world where certain governments wield trade as a geopolitical weapon,\u201d Yellen said. \u201cThe United States will continue to deepen our business and commercial ties with India as we pursue our friendshoring agenda.\u201d<\/p>\n\n\n\n
“India and the United States are the world’s largest democracies. We are living at a critical time for the cause of freedom around the world. Democracies require our constant attention,” Yellen added.<\/p>\n\n\n\n
The Treasury chief outlined a number of objectives the US and India share and which should be priorities for the G-20, including the need for creditor nations to coordinate debt-relief for poor and middle-income countries, ideally through a G-20 program known as the Common Framework.<\/p>\n\n\n\n
\u201cWe welcome India\u2019s leadership in this area, whether through an expansion of the Common Framework or another multilateral framework,\u201d she added.<\/p>\n\n\n\n
Yellen took the opportunity to hit out at China for not engaging in the program. \u201cThe Common Framework has not delivered on its promise, largely because of lack of cooperation from China,\u201d she said.<\/p>\n\n\n\n
Calling out Putin, Yellen said the Russian president’s attempts at \u201cweaponizing\u201d gas supply to Europe in the wake of his invasion of Ukraine serves as \u201can example of how malicious actors can use their market positions to try to gain geopolitical leverage or disrupt trade for their own gain.\u201d<\/p>\n\n\n\n
\u201cWe are dealing with a confluence of headwinds,\u201d Yellen said, adding that ending Russia\u2019s war in Ukraine is \u201cthe single best thing we can do to help the global economy,\u201d which is now in a \u201cpivotal moment.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
US Treasury Secretary Janet Yellen has pitched a new version of global trade, calling for ‘like-minded countries’ to work together to reduce the world’s dependency on ‘risky countries’ like China. For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs,” Yellen said during her […]<\/p>\n","protected":false},"author":1,"featured_media":88645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,3],"tags":[],"class_list":["post-88644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news","category-top-stories"],"_links":{"self":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts\/88644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/comments?post=88644"}],"version-history":[{"count":1,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts\/88644\/revisions"}],"predecessor-version":[{"id":88646,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/posts\/88644\/revisions\/88646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/media\/88645"}],"wp:attachment":[{"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/media?parent=88644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/categories?post=88644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dailypunjabtimes.com\/english\/wp-json\/wp\/v2\/tags?post=88644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}