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US Treasury delegation discusses economic partnership
The discussions encompassed a variety of economic and financial topics
The meeting was carried out virtually / Image - Unsplash
Senior officials from the U.S. Department of the Treasury and India's Ministry of Finance recently conducted a virtual meeting, marking their third sub-ministerial follow-up to the 9th ministerial meeting of the U.S.-India Economic and Financial Partnership (EFP).
The U.S. delegation was headed by Assistant Secretary for International Finance Brent Neiman, while the Indian delegation was led by Chief Economic Advisor Dr. V. Anantha Nageswaran. Representatives from the Reserve Bank of India and the Securities and Exchange Board of India (SEBI) also participated in the meeting.
The discussions encompassed a variety of economic and financial topics, addressing macroeconomic outlooks in both the U.S. and India, global debt-related challenges, financing for renewable energy projects, financial services, and India's experiences in interlinking its fast payments platform, according to a statement by the U.S. Treasury.
The discussions were deemed productive and are anticipated to contribute to the preparation for the next ministerial-level meeting of the U.S.-India Economic and Financial Partnership (EFP).
Significance of EFP
The strategic partnership between the United States and India is built upon common values, including a dedication to democracy and the maintenance of an international system governed by established rules. Both countries share interests in advancing global security, stability, and economic well-being through trade, investment, and connectivity.
The United States endorses India's ascent as a prominent global power and a crucial ally in endeavors to ensure the Indo-Pacific remains a region characterized by peace, stability, and increasing prosperity.
In 2021, the total bilateral trade in goods and services between the US and India reached an unprecedented US$157 billion. The US stands as India's primary trading partner and holds significant importance as an export market.
India maintains a trade surplus with the US, making the North American nation one of the limited countries with which New Delhi maintains such a surplus. For the fiscal year 2021-22, India recorded a trade surplus of US$32.8 billion with the US.
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