The Indian finance minister also said that bilateral talks will impart greater vigour to the long-standing relationship with the US.

India deeply values its relationship with the US as a trusted partner, she said. „We share a traditionally strong bilateral relationship underpinned with shared values, convergence of interests on wide ranging issues and vibrant people-to-people contact.”

The substantial and multi-faceted cooperation through the economic and Financial Partnership Forum remains a key cornerstone of the bilateral engagements, the finance minister added.

“Our meeting will lend greater vigour to our economic relationship, strengthen business-to-business links, and facilitate coordinated policy stance to address the pressing global economic challenges,” she said.

The 9th meeting of the Forum is being held against the backdrop of India preparing to assume the G20 presidency.

“We will continue to rely on close cooperation with the US to address the global economic challenges in a more coordinated manner and in strengthening multilateralism,” Sitharaman said.

US Treasury Secretary Yellen in her remarks said that the India-US collaboration would not only promote economic growth and stability, but it can also be instrumental to supporting economic prosperity across the Indo-Pacific region.

“Looking ahead, we’re also eager to discuss our shared priorities as India assumes the presidency of the G20 in the coming weeks.

“We also hope that the mutual understanding we build will help us work together to advance our shared goals, including mitigating the existential risk of climate change, evolving multilateral institutions, and addressing the debt burden faced by many developing countries,” Yellen said.

She further said that the US is committed to strengthening the bilateral economic relationship with India and deepening the level of cooperation and collaboration.