Strong US-India Relationship To Strengthen Global Order, Says FM Nirmala Sitharaman

The US-India relationship is in for good times and this is simply going to reinforce the global order, she noted.

Finance Minister Nirmala Sitharaman (AFP photo)

New Delhi: The US-India relationship is at its best and will strengthen the worldwide order in these difficult times, said Finance Minister Nirmala Sitharaman on Tuesday.

This is one of those times when these two enormous majority rule governments have observed their space and they are open to working with one another, she said in a recorded video discussion delivered by the think-tank Atlantic Council.

The US-India relationship is in for good times and this is simply going to reinforce the global order, she noted.

“Although the global order itself is something which we’ll have to look at fresh, considering that multilateral institutions today (are) not really as strong, as nimble, as output oriented, as they were once upon a time…

“So these are changing times. I would think, this kind of relationship between the United States and India are signs of positive development…,” she said.

Referring to the new 'two plus two' dialogue between the two nations, she said these are incomprehensible improvements that have occurred in the new past, where the defence ministers and foreign ministers of both the nations sit and have a conversation over a scope of issues.

“So, I think this is one of those times when India and United States, the two large democracies, have found their space and they are comfortable working with each other,” she said.

Seeing that the new Indo Pacific Economic Framework (IPEF) is an incredible idea which has come from the US, she said India is looking at it and will take a thought about view.

It is an extremely creative approach to drawing in with nations around there - Vietnam, Philippines, Malaysia, Thailand and India, she said, adding it has four pillars.

The four pillars of the proposed IPEF are fair and resilient trade (encompassing seven subtopics, including labour, environmental, and digital standards); supply chain resilience; infrastructure, clean energy, and decarbonisation; and tax and anti-corruption.

“All of them (countries) are being brought on board for the IPEF. So, there is a new traction to this relationship…So these four pillars are cross cutting issues which pertain to the economy, which pertain somewhat to the strategic domain also,” she said.

As to guidelines around cryptocurrencies, Sitharaman said it will require some investment as the government is attempting to approach a convention in light of wide consultations.

“Many countries have already started looking at coming up with protocols. We need a technological solution to deal with it. I don’t think there is one yet. And it has its own repercussions,” she said.

(With PTI inputs)