NEW DELHI: US treasury secretary Janet Yellen’s statement on “friend-shoring” came at a time when India has been attacked for purchasing oil from Russia, although New Delhi has hit back at the critics from the developed world. But it was seen as an attempt to get India to detach from Moscow.
The former chief of the US Federal Reserve blamed Russian President Vladimir Putin’s “barbaric” and “brutal” war for claiming lives in Ukraine and increasing food and energy insecurity across the world, while making a case for closer collaboration on the economic front.
She sought to counter Russia’s claim of being “a reliable energy partner”. “For the better part of this year, Putin has weaponised Russia’s natural gas supply against the people of Europe. It’s an example of how malicious actors can use their market positions to try to gain geopolitical leverage or disrupt trade for their own gain. ”
“In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations,” Yellen said. Friend-shoring and a robust supply chain were key messages delivered during her three public engagements, starting with a visit to the Microsoft office to an event where industry leaders were present and her statement before her meeting with finance minister Nirmala Sitharaman. India is part of the initiative on building a resilient supply chain under the aegis of the Indo-Pacific Economic Framework, a group of 14 countries including the US.
The former chief of the US Federal Reserve blamed Russian President Vladimir Putin’s “barbaric” and “brutal” war for claiming lives in Ukraine and increasing food and energy insecurity across the world, while making a case for closer collaboration on the economic front.
She sought to counter Russia’s claim of being “a reliable energy partner”. “For the better part of this year, Putin has weaponised Russia’s natural gas supply against the people of Europe. It’s an example of how malicious actors can use their market positions to try to gain geopolitical leverage or disrupt trade for their own gain. ”
“In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations,” Yellen said. Friend-shoring and a robust supply chain were key messages delivered during her three public engagements, starting with a visit to the Microsoft office to an event where industry leaders were present and her statement before her meeting with finance minister Nirmala Sitharaman. India is part of the initiative on building a resilient supply chain under the aegis of the Indo-Pacific Economic Framework, a group of 14 countries including the US.
