US Treasury Deputy Secretary arrives in India, holds meetings related supply chain issues

Amid global recession doubts, US Deputy Secretary of Treasury Wally Adeyemo landed in India for high level meetings on Friday, August 26.

According to the US Treasury Department press release, US Deputy Secretary of Treasury Wally Adeyemo met with Minister of Finance Nirmala Sitharaman, Principal Secretary to Prime Minister PK Mishra, Ministry of Finance Secretary Ajay Seth, Ministry of External Affairs Secretary Vijay Kwatra, and Ministry of Petroleum and Natural Gas Secretary Pankaj Jain.

The US Treasury department press release said that "During the Deputy Secretary’s meetings in New Delhi, he 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."

Stressing the importance of free and open Indo-pacific, Deputy Secretary Ademeyo talked about bolstering the supply chain resiliency between India and US.

The Deputy Secretary also underlined the need for the US and India to come together and fight global challenges like food insecurity and high energy prices.

It must be noted that the energy crisis has plagued much of Europe and the US as well since the start of the Russia-Ukraine war in February 2022. It has also deeply impacted global supply chain routes which were already under stress in the post-pandemic period.

"The Deputy Secretary raised that ending Russia’s invasion of Ukraine was critical to addressing these issues," said the US Treasury Department in a press release.  

The press release also added "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."