Senior US treasury official to visit India, to focus on strong bilateral economic relationship, energy security

Washington: A senior US Treasury Department official will travel to India next week to hold talks with top Indian officials to enhance the strong bilateral economic ties, bolster energy security cooperation and ways to ensure a secure Indo-Pacific region.

Deputy Secretary of the Treasury Wally Adeyemo will travel to Mumbai from August 24-25 and New Delhi on August 26 for meetings and events, the treasury said in a statement on Friday.

During his trip, Adeyemo will reaffirm and strengthen the US-India relationship and America’s shared commitment to a secure and prosperous Indo-Pacific, including by underscoring the two countries’ deep economic, security, and cultural ties, the statement said.

In India, Adeyemo will focus on the strong US-India bilateral economic relationship, highlight the extensive investment and trade flows between the two countries, and discuss ways to deepen them, including through building more resilient supply chains with trusted partners like India, as well as through initiatives like the Indo-Pacific Economic Framework that India joined as a founding member in May, it said.

In meetings with counterparts, Adeyemo will also discuss key shared priorities such as bolstering energy security, addressing food insecurity globally, and combating illicit financial flows, said the treasury as India is set to lead the G20 grouping in 2023.

The US and European nations have imposed heavy sanctions on Russia since Moscow sent troops into Ukraine on February 24.

India has raised oil imports from Russia after the Ukraine war despite criticism from the West and continues to engage with Moscow for business.

In May, Russia overtook Saudi Arabia to become India's second-biggest supplier of oil behind Iraq as refiners snapped up Russian crude available at a deep discount following the war in Ukraine.

Indian refiners bought about 25 million barrels of Russian oil in May.

External Affairs Minister S Jaishankar this week defended India's import of discounted Russian oil, saying the government had the moral duty to ensure that the people of India got the best deal amidst unreasonably high oil prices.

In Mumbai on August 24 and 25, Deputy Secretary Adeyemo will meet with senior government counterparts as well as executives from leading Indian businesses – including from the financial services and energy sectors.

Adeyemo will also tour IIT Mumbai’s Society for Innovation and Entrepreneurship start-up incubator, where he will meet with students and entrepreneurs and deliver brief remarks on strengthening economic ties between the US and India, said the department of treasury.

In New Delhi on August 26, Deputy Secretary Adeyemo will meet senior government counterparts, the statement said.

Following meetings in New Delhi, Adeyemo will return to the United States.