The United States has expressed its desire for concrete outcomes in areas that India is keen to deliver. The two countries have long-standing diplomatic ties and have committed to strengthening their strategic partnership in various fields. In this article, we explore the areas where the US wants to see tangible results and examine how India is working towards meeting these expectations.
Christina Segal-Knowles, the US G20 head of delegation, recently spoke to TOI’s Surojit Gupta and Sidhartha in Kumarakom for the meeting of sherpas. In her interview, she commented on various aspects of the global economy and the challenges that the world faces. According to her, Russia’s war in Ukraine has had a significant impact on the global economy, leading to challenges for developing and emerging markets.
Segal-Knowles spoke on the encouraging atmosphere at the Sherpas meeting with India’s strong leadership. She expressed excitement about India’s agenda, with a focus on sustainable development goals (SDGs), climate, green initiatives, and addressing the challenges that the world is currently facing. She highlighted the importance of cooperation and delivery at G20 for its success.
In response to the criticism that the US is causing challenges for the emerging and developing economies by raising interest rates and the possible contagion effects of bank collapses, Segal-Knowles stated that Russia’s aggression against Ukraine has led to negative impacts on the global economy, increasing inflation and contributing to the challenges. She added that the US acknowledges the current difficult environment in emerging and developing countries and has committed to using G20 as a forum to support their financing, food security, and health.
When asked about the challenge of reworking the multilateral financial architecture, Segal-Knowles suggested that the World Bank and other multilateral development banks could do more to support developing and low-to-middle-income countries. She said traditional models that such banks use, focused on a country’s internal challenges, are not always suitable. Segal-Knowles hopes to see changes, including addressing concerns that borrowing countries have about operational difficulties. She indicated the importance of demonstrating that these institutions can effectively utilize their balance sheets before moving on to additional resources.
Regarding the confidence of India coming up with a full communique at the G20 leaders’ summit, Segal-Knowles stated that the US is committed to the success of India’s G20 presidency and doing everything possible to make sure that concrete outcomes are delivered in the areas India wants. However, she pointed out that they do not have control over Russia and China, who have decided to walk away from the consensus language. Segal-Knowles stated that the US has not walked away either, and called on the 18 other countries that signed up to the language to stick with the compromise.
In conclusion, Segal-Knowles emphasized the importance of addressing the challenges faced by developing and emerging economies, including financing, food security, health, and resilience-building. She highlighted the need to work together to deliver successful outcomes at the G20 and for the World Bank and other multilateral development banks to respond to cross-border challenges effectively.
