FM Sitharaman holds bilateral talks with Saudi, Netherlands, S Korea, Japan counterparts

Union Finance Minister Nirmala Sitharaman on Wednesday held bilateral conferences along with her counterparts from Japan, Saudi Arabia, the Netherlands, and South Korea as a part of the Indian efforts to strengthen its financial ties with main nations of the world.

Being held on the sidelines of the annual assembly of the International Monetary Fund (IMF) and the World Bank, the finance minister, along with bilateral points, mentioned with them a few of the main financial challenges being confronted by the world, prominently the vitality disaster and inflation within the wake of the Ukrainian conflict, debt sustainability, and local weather change.

India’s emergence as a shiny spot through the present world downturn and a few of its profitable insurance policies akin to digitisation and direct money switch had been appreciated by her counterparts.

The finance minister used the event to get suggestions from these leaders as to what position India might play subsequent 12 months because the chair of the G-20 group of nations.

During her assembly with the Japanese Finance Minister Shunichi Suzuki, the finance minister stated that 2023 brings better obligations for each nations on the world stage.

In 2023, India holds the presidency of G-20 and Japan of the G-7 group of nations.

The two finance ministers additionally mentioned key agendas pertaining to Indo-Pacific financial cooperation.

Sitharaman instructed Suzuki that this 12 months is particular for India-Japan bilateral relations as each nations are celebrating the seventieth anniversary because the institution of diplomatic relations in addition to India celebrating 75 years of Independence.

Sitharaman in her conferences with South Korean Finance Minister Choo Kyung-ho mentioned potentialities for G-20 finance in 2023 and sought his nation’s help when India holds the group’s presidency.

During the assembly, she invited Kyung-ho to India for the sixth India-South Korea finance ministers assembly.

In her assembly with Saudi Arabia’s Minister of State for Finance Mohammed Al Jadaan, the 2 leaders mentioned a number of financial and monetary points, together with issues of India-Saudi bilateral cooperation.

Sitharaman additionally held a gathering with the finance minister of the Netherlands, Sigrid Kaag, who has been invited by India as a visitor nation to G-20 below India’s presidency.

Sitharaman stated she appeared ahead to participating with the Netherlands within the G20 course of for his or her worthwhile contribution.

Sitharaman and Kaag additionally mentioned points associated to world public items, debt sustainability, and local weather change.

During her assembly along with her Bhutanese counterpart, Lyonpo Namgay Tshering, Sitharaman stated India appeared ahead to increasing bilateral cooperation between the 2 nations to new and rising areas akin to area, digital applied sciences, monetary sector, well being sector, in addition to tertiary schooling.

Sitharaman reiterated that India wish to take ahead and additional deepen the India-Bhutan bilateral relations for the event and well-being of the individuals of the 2 nations.

Tshering expressed gratitude to India for offering help in implementing their twelfth Five-Year Plan and the extra USD 200 million forex swap association.

He additionally thanked India for the Bhim UPI and Rupay rollout in Bhutan.

The two ministers additionally mentioned a number of different bilateral improvement and cooperation points, together with hydropower and COVID-19 help.

Sitharaman additionally attended a gathering of the Financial Action Task Force (FATF) chaired by Raja Kumar from Singapore because the nation at present holds the presidency of this physique.