yellen visits india

Yellen visits India to promote closer ties and tackle global economic problems

On the heels of a trip to Beijing , U.S. Treasury Secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries.

Yellen told reporters in Gandhinagar, the capital of the western Indian state of Gujarat, on Sunday that she was trying to foster  warming relations between the U.S. and India.  She also plans a stop in Hanoi, Vietnam , to address supply chain reliability, clean energy transition and other matters of economic resilience.

Yellen said her goals for her time in India were to press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing U.S.-India relationship.

Yellen’s frequent stops in the country signal the importance of that relationship at a time of tension with China.

India’s longstanding relationship with Russia has also loomed as the Kremlin’s invasion of Ukraine continues despite U.S. and allied countries’ efforts to sanction and economically bludgeon Russia’s economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven  agreed-upon price cap on Russian oil , which has seen some success in slowing Russia’s economy.

Yellen said ending the war in Ukraine “is first and foremost a moral imperative. But it’s also the single best thing we can do for the global economy.”

She added the U.S. would continue to cut off Russia’s access to the military equipment and technologies that it needs to wage war against Ukraine.

“One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we’ve taken in recent months to crack down on these efforts,” Yellen said.

The U.S. increasingly relies on India and has courted its leaders.

She said the U.S. sees India as an indispensable partner in its friend-shoring strategy for increasing the resilience of supply chains.

She added private U.S. firms sees India as an excellent place for producing goods and exporting to the United States.

She also noted that slowing growth in China has impacted growth in many other countries.

“It is something I discussed with my Chinese counterparts. I think the Chinese are anxious to communicate that their business environment is open. There is a desire certainly to see foreign investment,” Yellen said.

President Joe Biden  hosted a White House state visit  honoring Indian Prime Minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the U.S.-India relationship never stronger and rolled out new business deals between the nations.

Raymond Vickery Jr., a policy expert on U.S.-India relations at the Center for Strategic and International Studies, said Yellen’s coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.”

“They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.”

A senior Treasury official, speaking on condition of anonymity to preview Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka will be discussed and completed quickly at the meetings.

Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.

Last month, Zambia and its government creditors, including China,  reached a deal to restructure $6.3 billion in loans , on the sidelines of a global finance summit in Paris.

The agreement covers loans from countries such as France, the U.K., South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion of the total. The deal may provide a roadmap for how China will handle restructuring deals with other nations in debt distress.

Yellen’s trip comes shortly after she spent a week in China , meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns.

Harold W. Furchtgott-Roth, a senior fellow at the Hudson Institute, said Yellen’s trip to India “is a reflection of a naturally developing alliance.”

“India has a great deal of tension with China — they have constant border disputes,” he said.” And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop.”

Yellen visits India again to promote closer ties and tackle global economic problems

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On the heels of a trip to Beijing, U.S. Treasury Secretary Janet L. Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries.

Yellen told reporters in Gandhinagar, the capital of the western Indian state of Gujarat, on Sunday that she was trying to foster warming relations between the U.S. and India. She also plans a stop in Hanoi, Vietnam, to address supply chain reliability, clean energy transition and other matters of economic resilience.

Yellen said her goals for her time in India were to press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing U.S.-India relationship.

Yellen’s frequent stops in the country signal the importance of that relationship at a time of tension with China.

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India’s longstanding relationship with Russia has also loomed as the Kremlin’s invasion of Ukraine continues despite U.S. and allied countries’ efforts to sanction and economically bludgeon Russia’s economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven agreed-upon price cap on Russian oil , which has seen some success in slowing Russia’s economy.

Yellen said ending the war in Ukraine “is first and foremost a moral imperative. But it’s also the single best thing we can do for the global economy.”

She added the U.S. would continue to cut off Russia’s access to the military equipment and technologies that it needs to wage war against Ukraine.

“One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we’ve taken in recent months to crack down on these efforts,” Yellen said.

The U.S. increasingly relies on India and has courted its leaders.

She said the U.S. sees India as an indispensable partner in its friend-shoring strategy for increasing the resilience of supply chains, and she added that private U.S. firms sees India as an excellent place for producing goods and exporting to the United States.

She also noted that slowing growth in China has impacted growth in many other countries.

“It is something I discussed with my Chinese counterparts. I think the Chinese are anxious to communicate that their business environment is open. There is a desire certainly to see foreign investment,” Yellen said.

President Biden hosted a White House state visit honoring Indian Prime Minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the U.S.-India relationship never stronger and rolled out new business deals between the nations.

Raymond Vickery Jr., a policy expert on U.S.-India relations at the Center for Strategic and International Studies, said Yellen’s coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.”

“They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.”

A senior Treasury official, speaking on condition of anonymity to preview Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka would be discussed and completed quickly at the meetings.

Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.

Last month, Zambia and its government creditors, including China, reached a deal to restructure $6.3 billion in loans , on the sidelines of a global finance summit in Paris.

The agreement covers loans from countries including France, the U.K., South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion of the total. The deal may provide a roadmap for how China will handle restructuring deals with other nations in debt distress.

Yellen’s trip comes shortly after she spent a week in China, meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns.

Harold W. Furchtgott-Roth, a senior fellow at the Hudson Institute, said Yellen’s trip to India “is a reflection of a naturally developing alliance.”

“India has a great deal of tension with China — they have constant border disputes,” he said.” And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop.”

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April 23, 2024

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April 5, 2024

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Yellen visits india again to promote closer ties and tackle global economic problems.

GANDHINAGAR, India (AP) — On the heels of a trip to Beijing , U.S. Treasury Secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries.

Yellen told reporters in Gandhinagar, the capital of the western Indian state of Gujarat, on Sunday that she was trying to foster warming relations between the U.S. and India. She also plans a stop in Hanoi, Vietnam, to address supply chain reliability, clean energy transition and other matters of economic resilience.

Yellen said her goals for her time in India were to press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing U.S.-India relationship.

Yellen’s frequent stops in the country signal the importance of that relationship at a time of tension with China.

India’s longstanding relationship with Russia has also loomed as the Kremlin's invasion of Ukraine continues despite U.S. and allied countries’ efforts to sanction and economically bludgeon Russia's economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven agreed-upon price cap on Russian oil , which has seen some success in slowing Russia's economy.

Yellen said ending the war in Ukraine “is first and foremost a moral imperative. But it’s also the single best thing we can do for the global economy.”

She added the U.S. would continue to cut off Russia's access to the military equipment and technologies that it needs to wage war against Ukraine.

“One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we’ve taken in recent months to crack down on these efforts,” Yellen said.

The U.S. increasingly relies on India and has courted its leaders.

She said the U.S. sees India as an indispensable partner in its friend-shoring strategy for increasing the resilience of supply chains.

She added private U.S. firms sees India as an excellent place for producing goods and exporting to the United States.

She also noted that slowing growth in China has impacted growth in many other countries.

“It is something I discussed with my Chinese counterparts. I think the Chinese are anxious to communicate that their business environment is open. There is a desire certainly to see foreign investment,” Yellen said.

President Joe Biden hosted a White House state visit honoring Indian Prime Minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the U.S.-India relationship never stronger and rolled out new business deals between the nations.

Raymond Vickery Jr., a policy expert on U.S.-India relations at the Center for Strategic and International Studies, said Yellen's coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.”

“They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.”

A senior Treasury official, speaking on condition of anonymity to preview Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka will be discussed and completed quickly at the meetings.

Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.

Last month, Zambia and its government creditors, including China, reached a deal to restructure $6.3 billion in loans , on the sidelines of a global finance summit in Paris.

The agreement covers loans from countries such as France, the U.K., South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion of the total. The deal may provide a roadmap for how China will handle restructuring deals with other nations in debt distress.

Yellen’s trip comes shortly after she spent a week in China, meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns.

Harold W. Furchtgott-Roth, a senior fellow at the Hudson Institute, said Yellen's trip to India “is a reflection of a naturally developing alliance.”

“India has a great deal of tension with China — they have constant border disputes,” he said." And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop."

U.S. Department of the Treasury

Media advisory: secretary of the treasury janet l. yellen to travel to india and vietnam.

WASHINGTON — Secretary of the Treasury Janet L. Yellen will travel from July 13-21 to Gandhinagar, India to participate in the G20 Finance Ministers and Central Bank Governors meetings and then to Hanoi, Vietnam for bilateral engagements

While at the G20, Secretary Yellen will continue to build momentum for the collective effort that she helped launched last October to evolve the multilateral development banks to better meet global challenges while delivering on core development goals. In India, Secretary Yellen will continue work towards debt sustainability to bolster the global economy: with over half of all low-income countries at high risk of or in debt distress, it is critical that we take collective action to help put them – and by extension the global economy – on a surer footing.

Finally, Secretary Yellen will stress the importance of deepening our bilateral relationship with India during her third visit to the country in the last nine months. As President Biden said last year, India is one of America’s indispensable partners, and Secretary Yellen will use her participation at the G20 in Gandhinagar to help deepen our already significant relationship.

While in Vietnam, Secretary Yellen will work towards deepening our bilateral economic relationship with Vietnam and bolstering economic resilience. Over the 28 years since the U.S. and Vietnam have normalized diplomatic relations, trade between our two countries has grown at an astounding annual rate of nearly 25 percent, and our goods trade reached a record high last year. During her visit to Vietnam, Secretary Yellen will also highlight how the economic shocks of recent years have provided an important reminder of the importance of bolstering economic resilience, including by building secure and reliable supply chains across many trusted partners like Vietnam through ‘friendshoring’.

While in Hanoi, Secretary Yellen will seek to work in partnership with countries like Vietnam to power a global clean energy transition. Climate change represents an existential global threat, as well as an enormous economic opportunity. The Biden Administration is committed to acting at home and abroad to meet the moment. At home, we’ve made an unprecedented investment through the Inflation Reduction Act to meet our emissions targets and spur on hundreds of billions of dollars of private investment in green technology – investments which will drive a positive spillover globally through lower costs. And in Vietnam, we have worked with the International Partners Group to mobilize over $15 billion to support the country’s energy transition.

Finally, Secretary Yellen will continue the United States and Vietnam’s work together to address currency issues. The United States and Vietnam are trusted partners with friendship grounded in mutual respect. Vietnam has maintained a constructive dialogue with Treasury and worked to address concerns about Vietnam’s currency practices. Secretary Yellen will highlight this progress during her visit to Vietnam as one example of how our countries can work together to address challenges and help enhance Vietnam’s financial and macroeconomic resilience.

On July 16, Secretary Yellen will hold a press conference in Gandhinagar ahead of the G20. The event will be open to pre-credentialed press and livestreamed here .

In the afternoon, Secretary Yellen will join World Bank President Ajay Banga in touring a project supported by the World Bank to highlight the importance of evolving the multilateral development banks to better address global challenges. This event will be pooled for pre-credentialed press.

In the evening, Secretary Yellen will attend the Finance Ministers and Central Bank Governor’s welcome dinner. The meeting is closed press.

On July 17, Secretary Yellen Secretary Yellen will participate in Session 1 of the G20 Finance Ministers and Central Bank Governors Meeting on Global Economy and Global Health. The meeting is closed press.

In the afternoon, Secretary Yellen will participate in a bilateral meeting with Minister of Finance of India Nirmala Sitharaman. During the meeting, Secretary Yellen will emphasize the need for concrete progress on global challenges at the G20 meetings, including on debt and the evolution of the multilateral development banks. There will be press spray with remarks at the beginning of the meeting for pre-credentialed press.

Later, Secretary Yellen will participate in Session 2 of the G20 Finance Ministers and Central Bank Governors Meeting on Sustainable Finance and Infrastructure. The meeting is closed press.

After, Secretary Yellen will participate in a bilateral meeting with European Commissioner for Economy Paolo Gentiloni. There will be a photo spray at the top of the meeting.

In the evening, Secretary Yellen will participate in a G20 working dinner. The dinner is closed press.

On July 18, Secretary Yellen will participate in Session 3 of the G20 Finance Ministers and Central Bank Governors Meeting on International Financial Architecture. The meeting is closed press.

Later, Secretary Yellen will participate in Session 4 of the G20 Finance Ministers and Central Bank Governors Meeting on International Taxation. The meeting is closed press.

In the afternoon, Secretary Yellen will participate in Session 5 of the G20 Finance Ministers and Central Bank Meeting on the Financial Sector and Financial Inclusion. The meeting is closed press.

Following the meetings, Secretary Yellen will depart for Vietnam.

On July 20, Secretary Yellen will hold a bilateral meeting with the State Bank of Vietnam Governor Nguyen Thi Hong. During the meeting Secretary Yellen will express satisfaction with our work together to address concerns about Vietnam’s currency practices as part of increasing Vietnam’s financial and macroeconomic resilience. She will stress the United States is supportive of Vietnam’s growth and underscore that it is good for both the Vietnamese and the American people. There will be press spray with remarks at the beginning of the meeting for pre-credentialed press.

Secretary Yellen will then participate in a bilateral meeting with Prime Minister Pham Minh Chinh. During the meeting Secretary Yellen will stress that the deep economic ties between the U.S. and Vietnam help create greater economic resilience through what she calls “friendshoring.” There will be press spray with remarks at the beginning of the meeting for pre-credentialed press.

Secretary Yellen will then participate in a lunch with women economists and entrepreneurs. There will be press spray with remarks at the beginning of the lunch for pre-credentialed press.

Secretary Yellen will participate in a bilateral meeting with Communist Party of Vietnam Central Economic Commission Chair Tran Tuan Anh There will be a photo spray at the top.

Later, Secretary will participate in a site visit to highlight our work together to power a clean energy transition. Additional details will provided closer to the event.

On July 21, Secretary Yellen will participate in a bilateral meeting with Minister of Finance Ho Duc Phoc. During the meeting Secretary Yellen will stress that the United States considers Vietnam a key partner in the Indo-Pacific and highlight efforts to deepen the already significant trade and investment ties between our two countries. There will be press spray with remarks at the beginning of the meeting for pre-credentialed press.

Later, Secretary Yellen will deliver remarks to discuss the importance of developing resilient supply chains through efforts like ‘friendshoring’ and combatting climate change.

In the afternoon, Secretary Yellen will participate in a lunch with the State Bank of Vietnam Governor. There will be press spray with remarks at the beginning of the meeting for pre-credentialed press.

Secretary Yellen will then participate in moderated discussion at a Female Leadership Conference in the Economic Sector hosted by Foreign Trade University. The event is open to pre-credentialed press.

Following the discussion, Secretary Yellen will participate in a meeting with National Assembly Chairman Vuong Dinh Hue. There will be a photo spray at the beginning of the meeting for pre-credentialed press

Afterwards, Secretary Yellen will return to the United States.  

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Yellen visits India to shore up US-Indo-Pacific partnership

U.S. Secretary of the Treasury Janet L. Yellen speaks at the Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

U.S. Secretary of the Treasury Janet L. Yellen, right, is seen speaking to business leaders at the Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

U.S. Secretary of the Treasury Janet L. Yellen, second from the left, takes a tour of Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

U.S. Secretary of the Treasury Janet L. Yellen, center, interacts with business leaders at the Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

U.S. Secretary of the Treasury Janet L. Yellen speaks to the business leaders at the Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

U.S. Secretary of the Treasury Janet L. Yellen is being welcomed by Anant Maheshwari of Microsoft at the Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

U.S. Secretary of the Treasury Janet L. Yellen, center, meets employees of Microsoft during her visit at the Microsoft India Development Center in Noida, on the outskirts of New Delhi, India, Friday, Nov. 11, 2022. U.S. Secretary of the Treasury Janet L. Yellen underscored the importance of establishing an Indo-Pacific economic framework that will strengthen supply chains with trusted trading partners like India as she prepared to meet Indian leaders in New Delhi, officials said Friday. (AP Photo/Manish Swarup)

• Copy Link copied

NEW DELHI (AP) — Supply chains, Russia’s war in Ukraine and the impact of COVID-19 were top issues for U.S. Treasury Secretary Janet Yellen as she met with Indian government and business leaders Friday in New Delhi.

Both Yellen and Indian Finance Minister Nirmala Sitharaman called for the strengthening of supply chains with trusted trading partners in the Indo-Pacific region to diversify away from countries that present geopolitical and security risks.

Yellen said Russia has weaponized its natural gas supplies against the people of Europe and China currently dominates over 80% of global solar panel production.

She said India and the United States could work together “to advance our shared goals, including mitigating the existential risk of climate change, evolving multilateral institutions, and addressing the debt burden faced by many developing countries.”

She made the remarks at the start of a U.S.-India Economic and Financial Partnership Meeting after her discussions with Sitharaman.

Sitharaman said India considered the United States a “trusted friend” and the four-nation Quad and the Indo-Pacific Economic Framework to be key cornerstones of bilateral engagement “in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure and climate finance.”

The Quad, comprised of the United States, India, Australia and Japan, is meant to deepen economic, diplomatic and military ties.

For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs, Yellen told technology sector leaders during a visit to the Microsoft India Development Center on the outskirts of New Delhi.

She said Russian President Vladimir Putin’s strategy to withhold energy supplies is “an example of how malicious actors can use their market positions to try to gain geopolitical leverage or disrupt trade for their own gain.”

Yellen said the U.S. is providing America’s largest solar manufacturer with up to $500 million in debt financing to build a facility in southern Tamil Nadu state in India. The facility will boost India’s solar manufacturing capacity and help diversify supply chains away from China, she said.

China’s strict “zero-COVID” policy has also affected global supply chains with widespread lockdowns in major financial and manufacturing hubs.

Apple announced Sunday that customers will have to wait longer to get its latest iPhone models after anti-virus restrictions were imposed on a contractor’s factory in central China.

The United States is pursuing an approach called “friend-shoring” to diversify away from countries that present geopolitical and security risks to supply chains. “To do so, we are proactively deepening economic integration with trusted trading partners like India,” Yellen said.

“Technology companies like Amazon and Google are investing in India and Vietnam. Apple recently announced that it was shifting some iPhone manufacturing from China to India,” she said.

New supply chains already are developing across regions from Asia to the European Union, she added.

At the U.S.-India Economic and Financial Partnership dialogue, she met with executives from major Indian companies and U.S. companies operating in India.

Follow AP’s coverage of the Asia-Pacific region at https://apnews.com/hub/asia-pacific

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Yellen visits India to shore up US-Indo-Pacific partnership

NEW DELHI (AP) — Supply chains, Russia's war in Ukraine and the impact of COVID-19 were top issues for U.S. Treasury Secretary Janet Yellen as she met with Indian government and business leaders Friday in New Delhi.

Both Yellen and Indian Finance Minister Nirmala Sitharaman called for the strengthening of supply chains with trusted trading partners in the Indo-Pacific region to diversify away from countries that present geopolitical and security risks.

Yellen said Russia has weaponized its natural gas supplies against the people of Europe and China currently dominates over 80% of global solar panel production.

She said India and the United States could work together "to advance our shared goals, including mitigating the existential risk of climate change, evolving multilateral institutions, and addressing the debt burden faced by many developing countries."

She made the remarks at the start of a U.S.-India Economic and Financial Partnership Meeting after her discussions with Sitharaman.

Sitharaman said India considered the United States a "trusted friend" and the four-nation Quad and the Indo-Pacific Economic Framework to be key cornerstones of bilateral engagement "in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure and climate finance."

The Quad, comprised of the United States, India, Australia and Japan, is meant to deepen economic, diplomatic and military ties.

For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs, Yellen told technology sector leaders during a visit to the Microsoft India Development Center on the outskirts of New Delhi.

She said Russian President Vladimir Putin’s strategy to withhold energy supplies is “an example of how malicious actors can use their market positions to try to gain geopolitical leverage or disrupt trade for their own gain.”

Yellen said the U.S. is providing America’s largest solar manufacturer with up to $500 million in debt financing to build a facility in southern Tamil Nadu state in India. The facility will boost India’s solar manufacturing capacity and help diversify supply chains away from China, she said.

China's strict “zero-COVID” policy has also affected global supply chains with widespread lockdowns in major financial and manufacturing hubs.

Apple announced Sunday that customers will have to wait longer to get its latest iPhone models after anti-virus restrictions were imposed on a contractor’s factory in central China.

The United States is pursuing an approach called “friend-shoring” to diversify away from countries that present geopolitical and security risks to supply chains. “To do so, we are proactively deepening economic integration with trusted trading partners like India,” Yellen said.

“Technology companies like Amazon and Google are investing in India and Vietnam. Apple recently announced that it was shifting some iPhone manufacturing from China to India,” she said.

New supply chains already are developing across regions from Asia to the European Union, she added.

At the U.S.-India Economic and Financial Partnership dialogue, she met with executives from major Indian companies and U.S. companies operating in India.

Follow AP’s coverage of the Asia-Pacific region at https://apnews.com/hub/asia-pacific

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Yellen visits India again to promote closer ties and tackle global economic problems

Fatima Hussein

Associated Press

Copyright 2023 The Associated Press. All rights reserved

Treasury Secretary Janet Yellen speaks during a press conference at the U.S. Embassy in Beijing, China, Sunday, July 9, 2023. (AP Photo/Mark Schiefelbein)

WASHINGTON – On the heels of a trip to Beijing , U.S. Treasury Secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries.

Yellen told reporters in Gandhinagar, the capital of the western Indian state of Gujarat, on Sunday that she was trying to foster warming relations between the U.S. and India. She also plans a stop in Hanoi, Vietnam, to address supply chain reliability, clean energy transition and other matters of economic resilience.

Recommended Videos

Yellen said her goals for her time in India were to press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing U.S.-India relationship.

Yellen’s frequent stops in the country signal the importance of that relationship at a time of tension with China.

India’s longstanding relationship with Russia has also loomed as the Kremlin's invasion of Ukraine continues despite U.S. and allied countries’ efforts to sanction and economically bludgeon Russia's economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven agreed-upon price cap on Russian oil , which has seen some success in slowing Russia's economy.

Yellen said ending the war in Ukraine “is first and foremost a moral imperative. But it’s also the single best thing we can do for the global economy.”

She added the U.S. would continue to cut off Russia's access to the military equipment and technologies that it needs to wage war against Ukraine.

“One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we’ve taken in recent months to crack down on these efforts,” Yellen said.

The U.S. increasingly relies on India and has courted its leaders.

She said the U.S. sees India as an indispensable partner in its friend-shoring strategy for increasing the resilience of supply chains.

She added private U.S. firms sees India as an excellent place for producing goods and exporting to the United States.

She also noted that slowing growth in China has impacted growth in many other countries.

“It is something I discussed with my Chinese counterparts. I think the Chinese are anxious to communicate that their business environment is open. There is a desire certainly to see foreign investment,” Yellen said.

President Joe Biden hosted a White House state visit honoring Indian Prime Minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the U.S.-India relationship never stronger and rolled out new business deals between the nations.

Raymond Vickery Jr., a policy expert on U.S.-India relations at the Center for Strategic and International Studies, said Yellen's coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.”

“They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.”

A senior Treasury official, speaking on condition of anonymity to preview Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka will be discussed and completed quickly at the meetings.

Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.

Last month, Zambia and its government creditors, including China, reached a deal to restructure $6.3 billion in loans , on the sidelines of a global finance summit in Paris.

The agreement covers loans from countries such as France, the U.K., South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion of the total. The deal may provide a roadmap for how China will handle restructuring deals with other nations in debt distress.

Yellen’s trip comes shortly after she spent a week in China, meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns.

Harold W. Furchtgott-Roth, a senior fellow at the Hudson Institute, said Yellen's trip to India “is a reflection of a naturally developing alliance.”

“India has a great deal of tension with China — they have constant border disputes,” he said." And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop."

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Yellen visits india again to promote closer ties and tackle global economic problems.

Fatima Hussein

Associated Press

Copyright 2023 The Associated Press. All rights reserved

Treasury Secretary Janet Yellen speaks during a press conference at the U.S. Embassy in Beijing, China, Sunday, July 9, 2023. (AP Photo/Mark Schiefelbein)

WASHINGTON – On the heels of a trip to Beijing , U.S. Treasury Secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of debt defaults facing low-income countries.

Yellen told reporters in Gandhinagar, the capital of the western Indian state of Gujarat, on Sunday that she was trying to foster warming relations between the U.S. and India. She also plans a stop in Hanoi, Vietnam, to address supply chain reliability, clean energy transition and other matters of economic resilience.

Recommended Videos

Yellen said her goals for her time in India were to press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing U.S.-India relationship.

Yellen’s frequent stops in the country signal the importance of that relationship at a time of tension with China.

India’s longstanding relationship with Russia has also loomed as the Kremlin's invasion of Ukraine continues despite U.S. and allied countries’ efforts to sanction and economically bludgeon Russia's economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven agreed-upon price cap on Russian oil , which has seen some success in slowing Russia's economy.

Yellen said ending the war in Ukraine “is first and foremost a moral imperative. But it’s also the single best thing we can do for the global economy.”

She added the U.S. would continue to cut off Russia's access to the military equipment and technologies that it needs to wage war against Ukraine.

“One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we’ve taken in recent months to crack down on these efforts,” Yellen said.

The U.S. increasingly relies on India and has courted its leaders.

She said the U.S. sees India as an indispensable partner in its friend-shoring strategy for increasing the resilience of supply chains.

She added private U.S. firms sees India as an excellent place for producing goods and exporting to the United States.

She also noted that slowing growth in China has impacted growth in many other countries.

“It is something I discussed with my Chinese counterparts. I think the Chinese are anxious to communicate that their business environment is open. There is a desire certainly to see foreign investment,” Yellen said.

President Joe Biden hosted a White House state visit honoring Indian Prime Minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the U.S.-India relationship never stronger and rolled out new business deals between the nations.

Raymond Vickery Jr., a policy expert on U.S.-India relations at the Center for Strategic and International Studies, said Yellen's coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.”

“They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.”

A senior Treasury official, speaking on condition of anonymity to preview Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka will be discussed and completed quickly at the meetings.

Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.

Last month, Zambia and its government creditors, including China, reached a deal to restructure $6.3 billion in loans , on the sidelines of a global finance summit in Paris.

The agreement covers loans from countries such as France, the U.K., South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion of the total. The deal may provide a roadmap for how China will handle restructuring deals with other nations in debt distress.

Yellen’s trip comes shortly after she spent a week in China, meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns.

Harold W. Furchtgott-Roth, a senior fellow at the Hudson Institute, said Yellen's trip to India “is a reflection of a naturally developing alliance.”

“India has a great deal of tension with China — they have constant border disputes,” he said." And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop."

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Yellen visits India again to promote closer ties and tackle global economic problems

On the heels of  a trip to Beijing , U.S. Treasury Secretary Janet Yellen is back in India for the third time in nine months, this time to meet finance ministers from the Group of 20 nations about global economic challenges like the increased threat of  debt defaults facing low-income countries.

Yellen told reporters in Gandhinagar, the capital of the western Indian state of Gujarat, on Sunday that she was trying to foster  warming relations between the U.S. and India.  She also plans a stop in Hanoi, Vietnam, to address supply chain reliability, clean energy transition and other matters of economic resilience.

Yellen said her goals for her time in India were to press for debt restructuring in developing countries in economic distress, push to modernize global development banks to make them more climate-focused and deepen the ever-growing U.S.-India relationship.

What You Need To Know

On the heels of a trip to beijing, u.s. treasury secretary janet yellen is back in asia for a series of group of 20 finance minister meetings in india yellen is seeking to promote warming relations between the u.s. and india and focus on the most pressing challenges to the global economy that includes the increased threat of debt defaults facing low-income countries, many of which owe their biggest debts to china this trip is yellen’s third to india in nine months. it's an indicator of the growing closeness between america and india as tensions with china have been slow to thaw.

Yellen’s frequent stops in the country signal the importance of that relationship at a time of tension with China.

India’s longstanding relationship with Russia has also loomed as the Kremlin's invasion of Ukraine continues despite U.S. and allied countries’ efforts to sanction and economically bludgeon Russia's economy. India has not taken part in the efforts to punish Russia and maintains energy trade with that country despite a Group of Seven  agreed-upon price cap on Russian oil , which has seen some success in slowing Russia's economy.

Yellen said ending the war in Ukraine “is first and foremost a moral imperative. But it’s also the single best thing we can do for the global economy.”

She added the U.S. would continue to cut off Russia's access to the military equipment and technologies that it needs to wage war against Ukraine.

“One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we’ve taken in recent months to crack down on these efforts,” Yellen said.

The U.S. increasingly relies on India and has courted its leaders.

She said the U.S. sees India as an indispensable partner in its friend-shoring strategy for increasing the resilience of supply chains.

She added private U.S. firms sees India as an excellent place for producing goods and exporting to the United States.

She also noted that slowing growth in China has impacted growth in many other countries.

“It is something I discussed with my Chinese counterparts. I think the Chinese are anxious to communicate that their business environment is open. There is a desire certainly to see foreign investment,” Yellen said.

President Joe Biden  hosted a White House state visit  honoring Indian Prime Minister Narendra Modi in June, designed to highlight and foster ties. The two leaders pronounced the U.S.-India relationship never stronger and rolled out new business deals between the nations.

Raymond Vickery Jr., a policy expert on U.S.-India relations at the Center for Strategic and International Studies, said Yellen's coming to India shortly after visiting China is meaningful in that Indian officials “are going to want to know in great detail what happened in the meetings with her Chinese counterparts and see where it fits with their perspective on economic relations with China.”

“They’re going to want to know whether or not the United States is serious about moving some of its sourcing activity from China to India.”

A senior Treasury official, speaking on condition of anonymity to preview Yellen’s trip, said there was hope that debt treatments for Ghana and Sri Lanka will be discussed and completed quickly at the meetings.

Sri Lanka and Ghana defaulted on their international debts last year, roughly two years after Zambia defaulted. And more than half of all low-income countries face debt distress, which hurts their long-term ability to function and develop.

Last month, Zambia and its government creditors, including China,  reached a deal to restructure $6.3 billion in loans , on the sidelines of a global finance summit in Paris.

The agreement covers loans from countries such as France, the U.K., South Africa, Israel and India as well as China — Zambia’s biggest creditor at $4.1 billion of the total. The deal may provide a roadmap for  how China will handle  restructuring deals with other nations in debt distress.

Yellen’s trip comes shortly after she spent a week in China, meeting the nation’s finance ministry and discussing mutual trade restrictions and national security concerns.

Harold W. Furchtgott-Roth, a senior fellow at the Hudson Institute, said Yellen's trip to India “is a reflection of a naturally developing alliance.”

“India has a great deal of tension with China — they have constant border disputes,” he said." And India wants to develop and has developed into sort of an Indian Ocean naval power, which is also a region that China wants to develop."

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Elon Musk postpones India visit, cites 'very heavy' Tesla obligations

Elon musk was scheduled to visit india on april 21 and 22 and meet prime minister narendra modi..

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• Elon Musk says he looks forward to visiting India later this year
• Was scheduled to visit India on April 21 and 22
• Musk was likely to announce an investment of $2-3 billion

Tesla CEO Elon Musk's two-day visit to India , where he was supposed to announce plans to enter the Indian market, has been postponed. Elon Musk was scheduled to visit India on April 21 and 22 and meet Prime Minister Narendra Modi.

In a post on X, Elon Musk said his visit to India had to be delayed due to "very heavy Tesla obligations".

"Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," the SpaceX CEO tweeted.

Musk has to reportedly attend a crucial conference call on April 23 in the United States to answer questions about Tesla's first quarter performance.

Last week, Musk posted on X that he was "looking forward" to meeting PM Modi.

Musk, who also owns SpaceX, was expected to announce an investment of $2-3 billion to build a factory for entry-level cars amid the long-awaited Tesla Inc's entry into the Indian market. Recently, the government announced a policy lowering high tariffs on imported cars if firms invest locally.

The billionaire entrepreneur was also expected to unveil plans to introduce Starlink, a satellite network that provides high-speed internet connection.

Musk, the world's fourth-richest man, was also expected to meet Indian space tech startups during his visit. The government had reportedly invited companies like Skyroot Aerospace, Dhruva Space, Piersight, and Digantara for talks with the SpaceX CEO in New Delhi.

PM Modi has met Elon Musk twice before -- during a Tesla plant visit in 2015 and during his state visit to the US in 2023. In a recent interview, PM Modi said Musk was a supporter of India.

Tesla's Elon Musk postpones India trip, aims to visit this year

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Reporting by Aditi and Shah Aditya Kalra; Editing by William Mallard

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Aditya Kalra is the Company News Editor for Reuters in India, overseeing business coverage and reporting stories on some of the world's biggest companies. He joined Reuters in 2008 and has in recent years written stories on challenges and strategies of a wide array of companies -- from Amazon, Google and Walmart to Xiaomi, Starbucks and Reliance. He also extensively works on deeply-reported and investigative business stories.

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Musk delays India visit and meeting with Modi as Tesla, SpaceX eye huge market

Elon Musk postponed a visit to India which would have included a meeting with Prime Minister Narendra Modi, saying he must tend to pressing issues at Tesla Inc. 

“Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year,” the billionaire said in a post on X . He had been scheduled to visit for two days — April 21 and 22 — to  announce plans  to enter the Indian market.

The decision to postpone comes after a hectic week at Tesla. Early Sunday, Musk announced in a memo to the company’s more than 140,000 employees that he was reducing headcount by more than 10% globally. Two top executives also departed.

On Wednesday, the company said it will ask shareholders to vote again on a $56 billion compensation package for Musk that was voided by a Delaware court in January. And on Friday, Tesla recalled almost 3,900 Cybertruck pickups and cut the price of most of its cars in the US by $2,000 as sales slow and inventories rise. 

The company will also report first-quarter earnings on April 23, having already reported vehicle deliveries that  missed estimates  by a wide margin. The stock has fallen more than 40% this year, dropping the automaker’s market value to less than $470 billion.  

Musk’s planned India visit was critical in terms of timing for both him and Modi. India has kicked off voting for its national elections where Modi is seeking a third term, citing the nation’s economic rise. Investments from billionaires like Musk would burnish his appeal among voters. 

Musk is seeking permission for SpaceX’s Starlink to operate in what will be by far its biggest market. Starlink has already received assurances from India’s government that it will be able to start operating in the country as soon as the third quarter of this year, Bloomberg reported  earlier . 

Tesla has also been trying to break into India for years, but high import taxes were a deterrent — something Musk has pointed out repeatedly. India last month lowered import taxes on EVs from foreign carmakers that pledge to invest at least 41.5 billion rupees ($497 million) and start EV production from a local factory within three years.

A sizable investment by Tesla would enable Musk to tap into India’s burgeoning electric-vehicle market and counter slowing demand for EVs elsewhere. Tesla watchers, however, would want to see action on the ground after witnessing delays in previously announced projects such as constructing a massive plant in Mexico. 

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