[1/2] U.S. Treasury Secretary Janet Yellen holds a press conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28,2022 REUTERS/Jonathan Ernst NOIDA, India, Nov 11 (Reuters) – The United States and India are natural allies that can reveal the remainder of the world that democracies can provide for their people, regardless of volatility and war, U.S. Treasury Secretary Janet Yellen stated on Friday. Yellen, in a speech highlighting the Biden administration’s desire to deepen financial ties with India, stated that both the worldwide economy and the democratic concept were at inflection points. Her remarks at a Microsoft research study center on the borders of New Delhi came as control of the U.S. Congress was still uncertain after mid-term elections on Tuesday. “The U.S. and India are ‘natural allies,’ in the words of a previous Indian prime minister,” Yellen stated, including that both nations waged comparable defend self-reliance to achieve liberty and self-respect.” “People all over the world are wanting to us and asking: can democracies satisfy the financial requirements of their residents? Can they withstand bullies and work together on the most intractable international issues?” she stated. As the 2 biggest democracies, India and the United States might respond to the sceptics by acting over the next year and beyond that might “show the capability of our democracies to provide for our individuals. I am positive that we will prosper.” Amongst these actions are objectives for India’s management of the Group of 20 significant economies next year, which ought to concentrate on the nations’ shared concerns for enhancing financial investments to eliminate environment modification, breaking a logjam in reorganizing financial obligations for poorer nations and enhancing access to the digital economy. “India’s G20 year is a possibility to speed up international coordination on financial obligation restructuring,” Yellen stated. She likewise stated that ending the war in Ukraine was a “ethical essential” however that financial obstacles from the dispute and from supply chain pressures were drawing India and the United States more detailed together. The United States was working to enhance India’s “friend-shoring” function as a relied on, trustworthy provider. Reporting by David Lawder; Editing by Bradley Perrett Our Standards: The Thomson Reuters Trust Principles.
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