Friendshore to firm up supply chains: US treasury secy

US treasury secretary Janet Yellen on Friday pitched for stronger trade ties with India, along with “friendshoring”, aimed at putting together a resilient supply chain of allies that is less dependent on countries such as Russia and China.

New Delhi: 

“Our goal is to vigorously promote global economic integration while creating greater redundancies in our supply chain to mitigate concentration risks. We also want to diversify away from risky countries like Russia that seek to weaponise trade integration... We call this strategy ‘friendshoring’,” Yellen said.

Putin weaponised supply of natural gas, says Yellen

New Delhi: US treasury secretary Janet Yellen’s statement on “friendshoring” came at a time when India has been attacked for purchasing oil from Russia, although New Delhi has hit back at the critics from the developed world. But it was seen as an attempt to get India to detach from Moscow.