![](https://www.nextias.com/ca/wp-content/uploads/2023/07/3684175Screenshot.png)
In News
- The eighth ministerial meeting of the India-U.S.A. Economic and Financial Partnership Dialogue was recently held at Washington D.C.
- The meeting was chaired by India’s Union Minister for Finance & Corporate Affairs and the Secretary of the Treasury of the United States.
History of Indo-US Economic and Financial Partnership Dialogue
- The US Treasury and India’s Ministry of Finance launched the Indo- US Economic and Financial Partnership Dialogue in 2010.
- It was launched as a framework with the following aims:
- To cement the economic bonds between our two nations and
- To build a foundation for greater cooperation and economic growth in the future.
- It was launched as a framework with the following aims:
Key Highlights of the Meeting
- During the ministerial meeting of the India-U.S.A. Economic & Financial Partnership, discussions were held on a range of subjects.
- The discussions included
- The macroeconomic outlook and recovery from the COVID-19 pandemic:
- Successful collaboration on attracting more private sector capital to finance India’s infrastructure needs will support growth in both countries.
- The US continues to provide technical support to India’s National Infrastructure and Investment Fund (NIIF).
- India and the US also look forward to working together to prepare more cities to issue municipal bonds.
- Financial regulatory and technical collaboration:
- The United States and India look forward to discussions on emerging financial sector topics, such as
- cross-border payments and payment systems and
- the development of the International Financial Services Centre at GIFT City.
- The United States and India look forward to discussions on emerging financial sector topics, such as
- Multilateral engagement:
- As India prepares for its 2023 G20 Presidency, the US stands ready to support India in hosting a successful and productive year.
- Both sides affirmed their commitment to debt sustainability and transparency in bilateral lending.
- Both discussed the importance of working through multilateral development banks to help India access and mobilize available financing to support development objectives, including for climate.
- Both welcomed the OECD/G20 Inclusive Framework political agreement.
- It represents a significant accomplishment for updating the international tax architecture.
- It establishes an international tax system that is more stable, fairer, and fit for purpose for the 21st century.
- Both reviewed the progress made in sharing financial account information for tackling offshore tax evasion.
- It is governed by the Inter-Governmental Agreement pursuant to the ForeignAccount Tax Compliance Act (FATCA).
- Climate finance:
- The US reiterated the collective developed country goal to mobilize $100 billion annually for developing countries from public and private sources.
- It will be used for meaningful mitigation actions and transparency on implementation.
- Both emphasised on the Finance Mobilization for the recently launched Climate Action and Finance Mobilization Dialogue (CAFMD).
- It is under the U.S.-India Climate and Clean Energy Agenda 2030 Partnership.
- The US reiterated the collective developed country goal to mobilize $100 billion annually for developing countries from public and private sources.
- Anti-money laundering and combating the financing of terrorism (AML/CFT):
- Both will increase information sharing and coordination for combating money laundering and terror financing.
- Both sides agree on the importance of
- fighting financial crimes and
- on the effective implementation of the Financial Action Task Force standards to protect our financial systems from abuse.
- The macroeconomic outlook and recovery from the COVID-19 pandemic:
- Both sides affirmed their commitments to continue collaboration both at bilateral and multilateral fora.
- They will jointly address mutual and global economic issues and strive towards amicable strategies and solutions.
India- US Relations
Points of Convergence
Points of Divergence
|
Previous article
Tackling Drug Trafficking From Afghanistan
Next article
Syama Prasad Mookerjee Port