Yellen heads to G-20 for third visit to friend-shoring pal India
Janet Yellen is traveling to India and Vietnam next week, seeking to strengthen ties with two increasingly important US partners and shore up economic resilience through diversified supply chains. Yellen will first head to Gandhinagar, India, for a meeting of Group of 20 finance and central bank heads, where she will push for reforming global lending institutions to boost the size and scope of their firepower and for advancing talks on easing the debt burden for poorer nations, a senior Treasury official said.
The US finance chief will be making her third visit to India in nine months amid a concerted push by Washington to strengthen trade and economic ties with China’s giant neighbour. Yellen will use her G-20 participation “to help deepen our already significant relationship,” the Treasury said in a statement, adding that she will “stress the importance of deepening” ties with the country.
Yellen then heads to Vietnam, where she’ll meet with senior government officials and private businesses.Strengthen Ties While the G-20 meeting is the prime driver of the trip, both visits fit into Yellen’s broader “friend-shoring” initiative, the idea that the US should strengthen trade relationships with trusted partners to bolster global supply chains, reduce dependence on a small number of nations for critical components and shield the economy from geopolitical risks. Yellen’s latest tour comes on the heels of her landmark visit to China last week, her first as Treasury secretary, which sought to ease tensions between the world’s two largest economies and reinstate channels of communication between them.
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