7th Meeting of the Economic and Financial Partnership (EFP) in New Delhi

The 7th meeting of the Economic and Financial Partnership between India and USA was held in New Delhi. The Indian delegation was led by Union Finance Minister Smt. Nirmala Sitharaman while the USA delegation was led by their Secretary of Treasury Mr. Steven Mnuchin.

The meeting was meant to deepen the economic partnership between the two countries as a framework, in line with the growing importance of our economic relations and significant business and cultural ties that already exists between the two nations and to undertake further work in a number id areas to improve cooperation and support for economic development

Key Takeaways from the Meeting

  • The United States and India recognize the importance of foreign portfolio investors for supporting economic growth, and discussed ways to build on India’s positive steps in further opening to greater foreign portfolio investment.
  • Both sides took note of the importance of having greater attention to transparency and debt sustainability in bilateral development lending. India and the United States both support global efforts to improve debt sustainability and transparency, including through the international financial institutions’ multipronged approach and the efforts of the G20 and other groups.
  • India and the United States will continue to enhance our cooperation in tackling money laundering and combating the financing of terrorism (AML/CFT).
  • India and the United States took note of the progress made in sharing financial account information between the two countries under the Inter-Governmental Agreement pursuant to the Foreign Account Tax Compliance Act (FATCA), and encourage both sides to work together to further improve the quality and usability of data for mutual benefit. Both sides will continue to collaborate and share experiences for tackling offshore tax evasion.
  • Both sides are encouraged with the developments that have taken place since the last meeting of the Economic and Financial Partnership and look forward to continued engagement to strengthen our bilateral relationship, our economies and our economic security.

SOURCE: PIB



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