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A top Treasury Department official will embark on his first official trip to India next week amid Ukraine-Russia tensions, according to news agency Associated Press. The United States wants to conduct the meetings to focus on chalking out the strategy to deepen the ties with the South Asian nation.

Despite the country's membership in the regional Quad alliance with the US, Australia, and Japan, India has still not shunned Russia, instead, maintained its business ties with it, depending on the Kremlin for energy and other exports.

According to commodity data firm Kpler as quoted by AP, India has boosted its purchase of Russian oil, buying roughly 60 million barrels in 2022 so far, as compared with the purchase of only 12 million barrels last year.

However, the US and Europe are not moving away from Russian energy, with Treasury officials promoting a price cap on Russian oil.

On Sunday, US President Joe Biden also called the US and India "indispensable partners" while celebrating India's 75th anniversary of independence. India is the world's second-most populous country and the largest democracy based on a population of 1.4 billion.

A look at Treasury official visit to India

Treasury Deputy Secretary Wally Adeyemo will travel to Mumbai and New Delhi for various meetings including Prime Minister Narendra Modi's office, the finance ministry, the Reserve Bank of India, and the Ministry of Petroleum and Natural Gas, as per AP reports.

Treasury said that during his visit, Wally Adeyemo will discuss key shared priorities such as bolstering energy security, addressing food insecurity globally, and combatting illicit financial flows as India is set to lead the Group of 20 intergovernmental fora in 2023.

In an official statement, the Treasury said that Adeyemo will meet the financial services and energy sector executives in Mumbai where he will speak about strengthening economic ties between the US and India.

Further, he will also underscore the two countries' deep economic, security, and cultural ties along with discussing the ways to build more resilient supply chains through the Indo-Pacific Economic framework that India joined as a founding member in May.

 

 

 

 

 

 

 

 

 

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