India & US reiterate commitment to economic partnership, discuss combating terror funding

Union Finance Minister Nirmala Sitharaman met US Treasury Secretary Janet Yellen on Thursday as a part of the 8th ministerial meeting of the India-USA Economic and Financial Partnership. The meeting that took place in Washington DC saw discussions on different subjects including the macroeconomic outlook, recovery from the COVID-19 pandemic followed by the financial regulatory and technical collaboration, multilateral engagement, climate finance, anti-money laundering, combating terrorism, and many more.

India and the US further affirmed their commitments to collaborate both at bilateral and multilateral levels and further address mutual and global economic issues and strive towards amicable strategies and solutions. 

In a joint statement of the US-India economic and financial partnership, both sides asserted regular dialogues as important for strengthening the US-India relationship and for achieving their future economic goals. 

The Ministry of Finance took to Twitter and shared images from the ministerial meeting further outlining the major topics of discussion between both sides. 

8th India-US Economic and Financial Partnership Dialogue

During the address in the ministerial meeting on Thursday, both the ministers took stock of the efforts that have already been made for deepening their understanding and highlighted the bilateral relationship.

The joint statement asserted that the meeting majorly reflected on fighting financial crimes and showed the commitment towards urgent progress in combating climate change. Also, India and the US shared their views on the global efforts made towards climate change. 

Speaking on the same, a statement by the US Treasury Department stated 'having productive discussions on a wide range of subjects.'

Anticipating future dialogues under the Economic and Financial Partnership, they look forward to increasing economic and financial ties between India and the USA. Earlier in June, financial regulators from both sides met for the tenth U.S.-India Financial Regulatory Dialogue to discuss a range of issues, including banking and insurance sector reform, capital markets development, payment system modernization, and data protection frameworks.

Meanwhile, the U.S. Treasury and India’s Ministry of Finance launched the Economic and Financial Partnership in 2010 as a framework to cement the economic bonds between the two nations and build a foundation for greater cooperation and economic growth in the future.

Image: Twitter/@FinMinIndia