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India and the United States are nearing an agreement on the implementation of a comprehensive two-pillar tax reform framework, according to statements made by the finance leaders of both countries on Monday. During the inaugural G20 Finance Ministers and Central Bank Governors meeting in Gandhinagar, Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen addressed the attendees.
Sitharaman underscored the active and constructive dialogues taking place between India and the US, emphasizing their shared democratic values, pluralism, and commitment to a rules-based global order and multilateralism. She also highlighted the positive impact of Prime Minister Narendra Modi's recent visit to the United States, which further strengthened the partnership between the two nations and opened up new opportunities for collaboration.
In her remarks, Sitharaman emphasized several areas of shared commitment between India and the US. These include the strengthening of multilateral development banks (MDBs), collaboration on climate action, and addressing the indebtedness of low and middle-income countries. She emphasized that these exchanges demonstrate the mutual commitment to nurturing a robust partnership and harnessing the potential for progress and prosperity.
The discussions between India and the US also extended to the framework for cryptocurrency and digital public infrastructure. Both nations are exploring ways to capitalize on the opportunities presented by these technologies.
Yellen, while acknowledging India's G20 presidency, expressed appreciation for India's efforts in reforming MDBs, which have the potential to unlock $200 billion over the next decade. She also highlighted the importance of the G20 in addressing key global challenges such as climate change and pandemics, while supporting the global economy and developing countries.
Yellen further announced that India and the US are working towards an agreement on the two-pillar tax reform and accelerating India's energy transition through investment platforms. Sitharaman echoed this sentiment, expressing India's anticipation of new investment opportunities from the US in the renewable energy sector.
Yellen also acknowledged the close partnership between the US and India, citing America's support for Ajay Banga's candidacy to the World Bank and the US serving as India's largest export market. She mentioned that the US is home to the largest Indian diaspora outside of Asia.
Looking ahead, Sitharaman reaffirmed the commitment of India and the US to achieve substantial outcomes through close engagement. The two nations aim to leverage each other's expertise and resources to actively promote economic growth, foster innovation, and drive sustainable development. Sitharaman concluded by stating that the partnership between India and the US will create a prosperous and equitable future, serving as a catalyst for positive change worldwide.
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