United States increasing trade with countries like India, Vietnam reducing dependence on China: Janet Yellen
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United States (US) Treasury Secretary Janet Yellen has said Washington is increasing its trade with countries like India, Vietnam and Mexico reducing its dependence on China. Yellen said US is committed to an Indo-Pacific that is free and open, connected, prosperous, secure, and resilient.
She stated ‘Recognizing this big picture, the Biden Administration is pursuing an approach to the Indo-Pacific that furthers our country's long history of engagement and does justice to the region's importance for our and the world's future.’ She said that the Biden administration is working to tackle challenges and seize opportunities and is also deepening economic integration and harnessing technological transformation.
Further, she highlighted three priorities to showcase the US' economic strategy in the Indo-Pacific region; increasing trade and investment, bolstering our economic resilience, and cooperating on global challenges. Besides, It stated ‘Across sectors from auto parts to electronics, the US is importing more from key partners like India and Vietnam, as well as from Mexico, and is less dependent on one single country, in this case, China.’ Additionally, Yellen said that she along with President Biden will head Asia-Pacific Economic Cooperation (APEC) Leaders' Week later this month in California.
