India 'indispensable partner' for friendshoring: U.S. Treasury Secretary Janet Yellen

United States Secretary of the Treasury Janet Yellen, who is on a visit to Gujarat for a meeting with Finance Ministers from G20 nations, said the U.S. sees India as an “indispensable partner” for friendshoring

United States Secretary of the Treasury Janet Yellen on July 16 said the U.S. sees India as an “indispensable partner” for friendshoring and she hopes to use her visit here to deepen what is already a significant relationship in that respect.

Derisking and friendshoring are important priorities for the U.S., and something that it is promoting in India, Ms. Yellen told reporters ahead of her meeting with Finance Ministers from G20 nations here in Gujarat.

Friendshoring is a strategy where a country sources raw materials, components and even manufactured goods from countries that share its values.

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Ms. Yellen said, “Friendshoring is an important foundation of our approach to increasing resilience of our supply chains, and we see India as an indispensable partner in that and I hope to use this trip to deepen what is already a significant relationship with respect to friendshoring that the U.S. and India have." The U.S.-India bilateral ties have reached an all-time high, and the two countries are looking to see it grow even more, she said.

Private sector is a really important point of friendshoring, and private firms have continued to make announcements of investing in India as they see India as “an excellent place to be producing and exporting to the U.S.,” she said.

Ms. Yellen highlighted four priorities which she plans to work on this week: debt distress in emerging markets and developing countries, multilateral development bank evolution, support for Ukraine, and global tax deal.