At the 9th meeting of India-US Economic Financial Partnership, Union Finance Minister Nirmala Sitharaman on Friday said that "India deeply values its relationship with the US as a trusted partner," news agency ANI reported.
Speaking about India-US partnership, Sitharaman said: "Our strong ties have been reinforced, through significant & frequent interactions b/w PM of India & President of US & their commitment towards consolidating a strategic partnership."
"We'll continue to rely on the close cooperation of the US to address the global economic challenges, in a more coordinated manner & in strengthening multilateralism," she further said.
The finance minister stated that a crucial tenet of the bilateral contacts continues to be the extensive and complex collaboration that is conducted through the Economic and Financial Partnership Forum.
"Our meeting will lend greater vigour to our economic relationship, strengthen business-to-business links, and facilitate coordinated policy stance to address the pressing global economic challenges," she said.
In her remarks, US Treasury Secretary Yellen noted that cooperation between the US and India will not only encourage economic growth and stability but could also play a key role in fostering economic prosperity throughout the Indo-Pacific region.
"We also hope that the mutual understanding we build will help us work together to advance our shared goals, including mitigating the existential risk of climate change, evolving multilateral institutions, and addressing the debt burden faced by many developing countries," Yellen said.
She went on to say that the US is dedicated to improving the degree of cooperation and collaboration and developing the bilateral economic ties with India.
Yellen stated that the G-20, which will be presided over by India, would tackle concerns related to climate change and the rising debt loads of emerging countries.
India will over the leadership of the G-20, an association of wealthy and developing countries, on December 1.
The Ministry of External Affairs announced on Thursday that Prime Minister Narendra Modi will travel to the Indonesian city of Bali from November 14 to November 16 in order to attend the G-20 conference.
Both leaders will also take part in a roundtable discussion on India-US commercial and economic potential outside of the 9th India-US summit with prominent business figures and economists.
In an earlier speech at the Microsoft India Development Center, Indian Prime Minister Narendra Modi received support from Dr. Yellen, who said that the Prime Minister was correct to assert that the current moment is not one of war.
According to her, the US is concentrating on strengthening common economic interests, particularly fuel commerce, with India, one of the world's major economies with the quickest growth rates. According to her, the US and India have a solid relationship that only becomes stronger via commerce, important economic links, and shared morals.
According to her, investments made by Indian and US enterprises in one another's nations are a pillar of the US-India economic partnership. According to her, cooperation in the technology sector is essential to the US's trade relations with India.
(With Inputs From Agencies)