US Treasury Secretary Yellen: Commitment to Global Tax Deal – G20

G20 News Live: Updates and Insights from the Global Summit

U.S. Treasury Secretary Janet Yellen said the US is committed to implementing a global tax deal. She stated that an agreement on the technical details of pillar 1 tax reallocation is very close.

Yellen expressed her eagerness to collaborate with China on areas of mutual interest, such as debt restructurings for poorer countries. She also mentioned that multilateral development banks need reforms before considering capital increases.

During a press conference before a meeting of Group of 20 finance ministers and central bankers in India, Yellen stated that her recent visit to Beijing helped establish a stronger foundation for the U.S.-China relationship. She emphasized that the two largest economies in the world have a responsibility to cooperate on mutual concerns.

Yellen acknowledged that there is still much work to be done, but she viewed the trip as an important starting point and expressed her enthusiasm to build upon the progress made in Beijing to further mobilize action.

Yellen stated that Washington will continue to restrict Russia’s access to military equipment and technologies necessary for the invasion of Ukraine.

Summary

Janet Yellen, the US Treasury Secretary, expressed commitment to a global tax deal and revealed that a technical agreement on tax reallocation is close. She highlighted her eagerness to collaborate with China on various issues, including debt restructuring for poorer nations. Yellen considered her recent visit to Beijing as a positive step towards strengthening the US-China relationship. She emphasized the need for cooperation between the world’s two largest economies. Yellen also mentioned the continuation of restrictions on Russia’s access to military equipment for its invasion of Ukraine.