US Treasury Secretary Janet Yellen to visit India for Summit 2023, with focus on economy, climate, and Ukraine.

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US Treasury Secretary Janet Yellen is set to embark on her fourth trip to India within a span of 10 months, this time to attend the G20 leaders summit in New Delhi. Her agenda for the summit is multifaceted, with a focus on bolstering the global economy and providing support to low- and middle-income countries. The US Treasury Department has outlined key areas of concentration, which include facilitating debt restructurings, navigating the development of multilateral development banks (MDBs), and contributing to the augmentation of resources in the International Monetary Fund trust fund.

In addition to her economic pursuits, Yellen will also endeavor to rally G20 allies to extend economic assistance to Ukraine while escalating pressure on Russia due to its ongoing conflict in Ukraine. These efforts encompass endorsing the G7-led initiative to impose a ceiling on Russian oil exports and collaborating to enhance global food security in light of constraints on Ukrainian grain exports.

Simultaneously, Yellen is committed to enhancing the bilateral relationship between the United States and India. She perceives India as a potential alternative to China in terms of attracting American investments and establishing resilient supply chains.

Meanwhile, emerging reports indicate that Chinese President Xi Jinping might opt out of attending the G20 Summit. This move is attributed to China’s reluctance to elevate its southern neighbor, India, which boasts a rapidly growing economy, to a position of heightened influence. The suggestion is that Premier Li Qiang could represent China at the summit, as the country aims to mitigate India’s prominence on the global stage.

Russian President Vladimir Putin has already conveyed his decision to forgo the trip to New Delhi, instead designating Foreign Minister Sergei Lavrov as his representative.

For India, the G20 summit holds significant importance as it coincides with the nation’s recent success in lunar exploration. India positions itself as an ascendant power, showcasing its appealing markets and presenting itself as a strategic choice for diversifying global supply chains.

Scheduled for September 9 and 10 in Delhi, the G20 summit serves as a prominent platform for India, which assumed the G20 Presidency on December 1 of the prior year.

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