Friday, March 1, 2024
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US Treasury Secretary Janet Yellen To Visit New Delhi To Take Part In G20 Leaders Summit

To attend the G20 leaders summit, US Treasury Secretary Janet Yellen will fly to New Delhi. In the past 10 months, Yellen has traveled to India four times. According to the Treasury Department, Yellen will concentrate on advancing efforts on debt restructurings, the development of multilateral development banks, and increasing resources for the International Monetary Fund trust fund during the G20 summit in order to strengthen the world economy and support low- and middle-income countries.

According to the Treasury, Yellen will also mobilize America’s G20 allies to sustain financial assistance for Ukraine and impose higher sanctions on Moscow as a result of its ongoing conflict in that country. In response to limits on Ukrainian grain exports, this includes backing the G7-led price cap on Russian oil exports as well as initiatives to increase global food security.

The Treasury also announced that Yellen would endeavor to strengthen bilateral ties between the US and India, seeing India as a potential replacement for China for US supply chains and investment.

According to rumors, Chinese President Xi Jinping would most likely boycott the G20 Summit. According to a Reuters article, China is hesitant to exert influence over its southern neighbor, which has one of the largest economies that is developing the quickest. Premier Li Qiang is anticipated to represent Beijing at the Summit, the newspaper claimed.

“China doesn’t want India to be the voice of the Global South, or to be that country within the Himalayan region to be hosting this very successful G20 summit,” Farwa Aamer, director of South Asia Initiatives at the Asia Society Policy Institute (ASPI) said.

Vladimir Putin, the president of Russia, has already said that he will send Sergei Lavrov, the foreign minister, instead of himself, to New Delhi.

Given that India recently completed a successful moon landing and promotes itself as a growing power with appealing markets and a source for supply chain diversification globally, the G20 meeting is considered as a significant platform for India.

On September 9 and 10, Delhi will host the G20 summit. On December 1 of the previous year, India took over as G20 President.

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