India and US to discuss global economy, climate finance and other issues of common concern today

Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen, who is on a one-day visit to India, will discuss a host of issues of mutual concern today, including climate finance.

The two leaders will lead the 9th India-US Economic and Financial Partnership Meeting. Yellen is on a one-day visit to India on November 11.

“During the 9th India-US VET Meeting, the two sides will discuss issues of mutual concern including climate finance, multilateral issues, India-US G20 cooperation under the Indian Presidency, taxation, supply chain resilience, global economy and macroeconomic outlook,” the finance ministry said. the ministry said in a tweet.

“On the sidelines of the 9th India-US VET Meeting, @nsitharaman and @SecYellen will also participate in a panel discussion on India-US business and economic opportunities with top business leaders and leading economists,” another tweet read.

In an interview with PTI, Yellen had said that India would “benefit” from the proposed oil price cap, arguing that the United States did not want Russia to “unduly profit” from the war by benefiting from essentially very high prices. high because of its Ukrainian position. invasion.

Developing countries like India and China are increasingly buying Russian oil at a discount as global energy prices remain high and Western nations seek to reduce their dependence on oil. Russian energy.

Janet Yellen hailed Prime Minister Narendra Modi’s sharper tone on the conflict after avoiding condemnation of the Russian invasion for most of the year. “Prime Minister Modi was right when he said this is not an era of war,” Yellen said in excerpts released by the Treasury.

“I believe that ending Russia’s war is a moral imperative. It’s also the best thing we can do to help the global economy. It’s a view widely shared by policymakers in major global economies,” Yellen said.

Officials in India, a country with longstanding ties to Russia, have said they will continue to buy Russian oil at a discount because it benefits the Indian economy, despite efforts by the United States and of their Western allies to impose a price cap on Russian oil exports. .

Treasury officials said they were not trying to persuade India to stop buying Russian oil, but wanted to strengthen US ties with India through trade and financial integration.

A big part of the goal is to make fast-growing India a counterbalance to China in Asia and a reliable source of goods and services for the US economy.

“The United States and India share an interest in strengthening our supply chains in a world where some governments are using trade as a geopolitical weapon,” Yellen said in his excerpted remarks, citing Russia’s restrictions as an example. on natural gas sales to Europe.

*With agency contributions

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