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Yellen wants India in ‘friend-shoring’ list
Amid an ‘extremely challenging’ global economic outlook and geopolitical instability, US treasury secretary Janet Yellen on Friday in New Delhi said that the US will pursue the ‘friendshoring’ approach of deepening economic integration with trusted trading partners like India to diversify away from countries that present geopolitical and security risks to supply chains. Yellen said that India’s G20 presidency will help advance shared goals including mitigating the existential risks of climate change, reforming multilateral institutions, and expressing the debt burden faced by many developing countries, said Yellen during her opening remarks at the India-US EFP. In part this inflation reflects the spillover of Russia’s brutal war in Ukraine, which is boosting energy and food prices and for many emerging markets that have found themselves with high debts and high interest rates. “For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs. Technology companies like Amazon and Google are investing in India and Vietnam. On the need for a global regulation of cryptocurrencies, which India has been pressing for, Yellen said that the US was actively working towards that. “ Source - Mint
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