• Source:JND
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External Affairs Minister S Jaishankar, speaking at a virtual BRICS meeting, called for fair and transparent economic practices that benefit all nations. He underlined the need to strengthen global supply chains at a time when multiple disruptions are reshaping international trade.

Jaishankar stressed that the world today requires a predictable and stable environment for trade and investment. “When there are multiple disruptions, our objective should be to prove it against all shocks, which means creating a more resilient supply chain. It is also essential we democratise manufacturing and production,” he said.

He highlighted how the BRICS grouping, comprising Brazil, Russia, India, China, and South Africa, could play a pivotal role in setting standards for fair practices and inclusive growth.

Warning Against Trade Barriers

The minister warned that raising barriers and complicating transactions would only hinder global commerce. “Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters,” he remarked.

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He urged BRICS nations to take the lead in demonstrating constructive and cooperative approaches to sustainable trade, cautioning against protectionism and politically motivated restrictions.

Jaishankar also drew attention to India’s trade deficits with several BRICS members. “Where India is concerned, some of our biggest deficits are with BRICS partners and we have been pressing for expeditious solutions,” he said. He added that reviewing trade flows within the bloc could help address these imbalances and enhance intra-BRICS cooperation.

Global Disruptions Affecting Trade

The external affairs minister outlined the major challenges confronting the world economy over the past few years. These include the Covid-19 pandemic, the ongoing conflicts in Ukraine and the Middle East, volatility in trade and investment flows, and extreme climate events.

“In the face of these challenges, the multilateral system appears to be failing the world. That so many serious stresses are being left unaddressed is understandably having consequences for the global order itself,” he cautioned.

Jaishankar concluded by stressing the importance of collective action through platforms like BRICS to build resilient systems and ensure equitable growth. “The world requires constructive and cooperative approaches to promote trade that is sustainable,” he said, adding that the grouping could serve as a model for fairer economic practices.

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He also expressed gratitude to Brazilian President Luiz Inacio Lula da Silva for convening the BRICS Summit, reaffirming India’s commitment to strengthening the bloc’s role in shaping a balanced global order.