G20 Expectations: US Treasury Secretary Janet Yellen willing to improve US-China ties

US Treasury Secretary Janet Yellen expressed her enthusiasm for enhancing US-China relations, while finance ministers discuss global economic challenges in India. G-7 nations are focusing on assisting Ukraine and reforming multilateral development banks.

Edited By Mausam Jha
First Published16 Jul 2023, 11:21 AM IST
U.S. Treasury Secretary Janet Yellen addresses a press conference in Gandhinagar, India, Sunday, July 16, 2023. Yellen is in India to attend the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting under the Indian G20 Presidency. (AP Photo/Ajit Solanki)
U.S. Treasury Secretary Janet Yellen addresses a press conference in Gandhinagar, India, Sunday, July 16, 2023. Yellen is in India to attend the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting under the Indian G20 Presidency. (AP Photo/Ajit Solanki)(AP)

US Treasury Secretary Janet Yellen expressed her enthusiasm for further enhancing the recent progress in US-China relations as finance ministers from various countries gather in India to discuss global economic challenges in the upcoming days.

As reported by Bloomberg, the G-7 nations are convening before the Group of 20 meetings in Gandhinagar, Gujarat, with a focus on providing assistance to Ukraine, reforming multilateral development banks, and reevaluating global supply chains.

On Sunday, Treasury Secretary Janet Yellen expressed her commitment to collaborating with China on shared areas of interest. She specifically mentioned the need for cooperation in debt restructuring for economically disadvantaged nations.

“I am eager to build on the groundwork that we laid in Beijing to mobilize further action,” Yellen said in remarks ahead of a G-20 finance chiefs meeting. She said her visit to Beijing last week put the relationship between the two biggest economies on “surer footing.”

Also Read: US Treasury Secretary Janet Yellen to travel to India this week for G20 finance meeting

Meanwhile, India and the United Arab Emirates agreed to use their respective local currencies for cross-border transactions, as Prime Minister Narendra Modi pushes the rupee’s role on the global stage.

The two memorandum of understanding will facilitate “seamless cross border transactions and payments, and foster greater economic cooperation between the two countries,” the Reserve Bank of India said in a statement on Saturday, as Modi and the central bank’s Governor Shaktikanta Das inked the agreements with the UAE’s President Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi.

The leaders of the Group of Twenty (G-20) countries will not convene to collectively discuss the language regarding Russia's involvement in the war in Ukraine.

In an effort to secure an agreement, the host country, India, is opting for one-on-one discussions instead of a group gathering. As various G-20 nations have taken sides in the conflict, particularly in support of Ukraine, India aims to facilitate consensus on the language that will be used during the leaders' summit in September, Bloomberg reported.

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First Published:16 Jul 2023, 11:21 AM IST
HomeNewsworldG20 Expectations: US Treasury Secretary Janet Yellen willing to improve US-China ties

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