External affairs minister S Jaishankar
NEW DELHI: External affairs minister S Jaishankar on Monday pointed out the significance of a stable and predictable environment for trade and investment during a Brics meeting, which comes amid a tariff war with the United States.Flagging serious concerns over disruptions in trade and supply, Jaishankar said the objective should be to “proof it against such shocks,” in a subtle yet apparent reference to Donald Trump’s tariff diktats.”The World, as a collective, is seeking a stable and predictable environment for trade and investment. At the same time, it is imperative that economic practices are fair, transparent and to everyone’s benefit. When there are multiple disruptions, our objective should be to proof it against such shocks. That means creating more resilient, reliable, redundant and shorter supply chains,” Jaishanark said.The foreign minister stressed that it’s important to “democratise manufacturing and production and encourage growth in different geographies”.”Progress in that regard will contribute to regional self-sufficiency and relieve anxieties at the times of uncertainties,” he said. Jaishankar said, “trade patterns and market access are prominent issues in the global economic discourse” and that “the world requires constructive and cooperative approaches to promote trade that is sustainable”. Hitting out at the United States, Jaishankar said: “Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters.””The Brics itself can set an example by reviewing trade flows among its member states. Where India is concerned some of our biggest deficits are with BRICS partners and we have been pressing for expeditious solutions. We hope this realisation will be part of the takeaways from today’s meeting,” he added.The minister said that the international trading system is based on the foundational principles of open, fair, transparent, non-discriminatory, inclusive, equitable and rules-based approach with special and differential treatment for developing countries. India strongly believes that this should be protected and nurtured.Jaishankar said the world today also seeks an urgent resolution of ongoing conflicts. “The Global South has experienced a deterioration in its food, energy and fertiliser security,” he said. “When shipping is targeted not only trade but livelihood suffers. A selective protection cannot be a global answer and an early end to the hostilities and undertaking diplomacy to ensure a durable solution is the obvious path before us,” he said.He also raised the issue of major shortfalls in many areas in the work of the internationsl organisations. “The working of international organisations in the last few years has witnessed major shortfalls in many areas. On key issues, we unfortunately see that gridlocks have undermined the search for common ground. These experiences have only made the case for reform of multilateralism generally and that of the United Nations and its Security Council specifically more urgent,” he said.
