caalley logo

The alley for Indian Chartered Accountants

US calls for bolstering supply chain resiliency with 'trusted' partners

US, August 27, 2022

US Deputy Treasury Secretary Wally Adeyemo has called for the bolstering of supply chain resiliency between "trusted partners" like the United States and India to maintain a free and open Indo-Pacific.

This message was conveyed during Adeyemo's visit to India which saw discussions of critical shared priorities like bolstering energy security and addressing global food insecurity.

On Friday, the US Treasury Secretary met with several Indian government officials in New Delhi including Finance Minister Nirmala Sitharaman.

"During the Deputy Secretary's meetings in New Delhi, he (Wally Adeyemo) continued to underscore the importance of deepening the United States and India's already strong relationship, including through platforms like the Quad and the Indo-Pacific Economic Framework," US Treasury Department said in a statement.

Both United States and India have acknowledged that they have shared interests in promoting global security, stability, and economic prosperity through trade, investment, and connectivity.

Prime Minister Narendra Modi and US President Joe Biden have held two in-person bilateral meetings during which they reaffirmed their commitment to a resilient, rules-based international order that safeguards sovereignty and territorial integrity.

Both the leaders have also participated in multiple engagements of the Quad Leaders mechanism with Japan and Australia. The United States supports India's emergence as a leading global power and a vital partner in efforts to safeguard the Indo-Pacific as a region of peace, stability, and growing prosperity.

"Deputy Secretary Adeyemo stressed that we (US and India) can maintain a free and open Indo-Pacific that delivers greater prosperity for our citizens through those efforts, including through steps to bolster supply chain resiliency between trusted partners like the United States and India," the statement added.

The Treasury Department statement said the US Deputy Secretary also discussed ways that the United States and India could work together to address shared global challenges like food insecurity and high energy prices. "The Deputy Secretary raised that ending Russia's invasion of Ukraine was critical to addressing these issues," the statement said.

The Deputy Secretary also shared with counterparts the United States' views on ways to put downward pressure on energy prices for consumers and businesses in India, the United States, and globally.

Deputy Secretary Adeyemo reiterated the importance of well-supplied global energy markets, even as we work together with partners like India to expand access to sources of renewable energy that will reduce our dependence on fossil fuels over time.

In 2021, overall US-India bilateral trade in goods and services reached a record USD 157 billion, according to US State Department.

The United States is India's largest trading partner and most important export market. Many US companies view India as a critical market and have expanded their operations there. Likewise, Indian companies seek to increase their presence in US markets.


Don't miss an update!
Subscribe to our newsletter