External Affairs Minister S. Jaishankar on Monday called for a stable and predictable environment for trade and investment and urged BRICS members to make it shock-proof to disruptions.
Pointing out that economic practices should be fair, transparent and to everyone’s benefit, the minister took a subtle jab at the 50 per cent tariffs imposed by the Donald Trump administration.
Hinting at New Delhi's objection to US claims that India's purchase of Russian oil is funding the war against Ukraine, the foreign minister said linking trade measure to non-trade matters would not help.
"The world requires constructive and cooperative approaches to promote trade that is sustainable. Increasing barriers and complicating transactions will not help," he added.
Jaishankar urged BRICS nations to set up more resilient, reliable, redundant and shorter supply chains, democratise manufacturing and encourage their growth in different geographies in order to achieve "regional self-sufficiency and relieve anxieties at times of uncertainty".
The minister said the BRICS itself can set an example by revising trade flows among member nations. Referring to the $99.2 billion trade deficit between India and China in 2024-25, he pointed out that some of India's biggest trade deficits are with partners within the bloc. "We hope that this realization will be part of the takeaways from today’s meeting," he added.
"The international trading system is based on the foundational principles of open, fair, transparent, non-discriminatory, inclusive, equitable and a rules-based approach with special and differential treatment for developing countries," Jaishankar said. "India strongly believes that this should be protected and nurtured."
The minister highlighted that the global trade is facing several challenges including the conflicts in Ukraine and the Middle East as well as climate change and that the multilateral system seems to be failing the world. "That so many serious stresses are being left unaddressed is understandably having consequences for the global order itself. It is this cumulative concern that BRICS is now discussing," he added.
