On November 1, 2019,In order to deepen the economic partnership, the 7th meeting of India-US (United States) Economic and Financial partnership (EFP) dialogue 2019 between the Ministry of Finance of the Republic of India and the Department of the Treasury, United States of America (USA) was held in New Delhi. The Indian side was led by Smt. Nirmala Sitharaman, Minister of Finance, Government of India (GoI) & the U.S. delegation was led by Mr. Steven Mnuchin, U.S. Secretary of the Treasury.
Key Points:
i.The meet focused on a range of issues such as the global, US, and Indian economic outlooks, global debt sustainability, financial sector reforms, leveraging of capital flows and investment, and tackling money laundering and combating the financing of terrorism.
ii.US reiterates its stand to support India for hosting a successful 2022 Presidency of the G20 (Group of 20) summit.
iii.The meet also witnessed the cooperation between the two nations to attract more private sector capital to finance India’s infrastructure needs and further raise growth for both countries. India has set up the National Infrastructure and Investment Fund (NIIF) to promote private institutional investment in Indian infrastructure, for which the US has provided technical support.
India & US agreed to enhancing cooperation for money-laundering cases
On November 1, 2019, Both the nations of India & US (United States) have agreed to enhance cooperation in tackling money laundering and combating the financing of terrorism, during 7th meeting of the Economic and Financial Partnership (EFP) held in New Delhi.
Key Points:
i.India has affirmed its support for action against non-compliant countries, which are not cooperate to work on developing AML/CFT (Anti-Money Laundering / Countering Financing of Terrorism) frameworks to mitigate the associated illicit finance risks.
ii.Background: In June, 2019, India imposed tariffs on 28 American products, including walnuts and almonds, in retaliation for the U.S. ending India’s preferential trade status.
About US:
Capital: Washington, D.C.
President: Donald Trump
Currency: United States dollar ($) (USD)