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U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered.
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 US and India have."
US Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "There is much more work to do. But I believe this trip was an important start," Yellen said. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action."
The US Treasury Secretary's comments come as the G20 discusses the first volume of the report by the expert group led by Larry Summers and NK Singh on reforming multilateral development banks.
Derisking and friend shoring are important priorities for the US and something that it is promoting in India, Yellen told reporters ahead of her meeting with finance ministers from G20 nations here in Gujarat