The United States, on Sunday, said that it is eager to work with China on tackling global challenges. At the same time, also reiterated its effort to combat Russia’s efforts to evade US sanction.
Addressing a press conference at the sideline of the Finance Minister-Central Bank Governor (FMCBG) meeting under India’s G20 presidency here, US Treasury Secretary Janet Yellen highlighted the deliberations between her and the new economic leadership team of China last week. During the meeting, she emphasised the importance of both countries working together on the global challenges that face us.
“As the world’s two largest economies, we have an obligation to the people in our nations and the world to cooperate on areas of mutual concern. Last week’s visit served as a step forward in putting our relationship on a surer footing and establishing a resilient and productive channel of communication. There is much more work to do. But I believe this trip was an important start. I am eager to build on the groundwork that we laid in Beijing to mobilise further action,” she said.
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Talking about tariff issue put in place during Trump administration, she said that there were put in place, because there were concerns with unfair trade practices on Chinese side. She said that these concerns are still there. “Perhaps it is time we could have made progress, but I would say it is premature to use in our effort to de-escalate this time,” she said.
On Ukraine issue, she said that US led coalition’s support for Ukraine is unequivocal. The United States will stand with Ukraine for as long as it takes. Budgetary support is critical to Ukraine’s resistance. And the United States is proud to be part of a broad coalition that has provided such support to Ukraine. By helping keep the economy and the government running, the coalition is giving Ukraine the support it needs so it can fight for freedom and its sovereignty.
“We will also continue to cut off Russia’s access to the military equipment and technologies that it needs to wage war against Ukraine. One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts,” she said.
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India has sought a largely neutral stance on the war, generally declining to blame Russia for the invasion Moscow launched in February last year, urging a diplomatic solution and sharply boosting its purchases of Russian oil even as Western nations seek to squeeze Moscow.
Yellen also laid out the number of next steps for the evolution of the World Bank and other multilateral development banks, but said that any exploration of capital increases for the institutions can only be considered after implementing reforms aimed at expanding their role beyond poverty reduction to tackle global challenges, such as climate change and pandemics. “We should build better banks, not just bigger banks,” Yellen said.
Talking about the global tax deal she said that the United States was committed to implementing a global corporate minimum tax deal reached in 2021. “The Two-Pillar solution also reforms the allocation of taxing rights. It provides greater taxing rights to market jurisdictions in order to better reflect modern economic realities. We are very close to reaching agreement on the technical details of that reallocation, and we are committed to doing so soon,” she said.