External Affairs Minister S Jaishankar said on Monday that the world is looking for a stable and predicted environment for trade and investment and it is necessary that economic practices are fair, transparent and for the benefit of all.
He said that the international trade system based on the principles of open, fair, transparent and rule-based approach should be preserved and nurtured.
Addressing the virtual meeting of BRICS leaders, Jaishankar said that today the world also wants an immediate solution to the ongoing struggles and Global South has experienced a decline in its food, energy and fertilizer security.
He said, “collectively wants a stable and predicted environment for world trade and investment. Also, it is also necessary that economic behavior is fair, transparent and in the interest of all. When there are many disruptions, our aim should be to provide protection from such shaking.”
He added, “This means to create a more flexible, reliable, unnecessary and small supply chains. Not only that, it is also necessary that we should democratization of manufacturing and production and encourage their development in various geographical areas. Progress in this regard will contribute to regional self -sufficiency and will reduce the concerns of uncertainty time.”
Jaishankar said that trade patterns and market access are the major issues in global economic discussion today and the world needs a creative and collaborative approach to promote sustainable trade.
He said, “Increasing obstacles and making transactions combined will not help. Nor will connecting business measures with non-commercial matters will help. The BRICS itself can set an example by reviewing the business flow between its member countries. As far as India is concerned, some of our biggest deficits are with BRICS partners and we are pressurizing for early solutions.
He said, “The International Trade System is based on the fundamental principles of open, fair, transparent, non-discriminatory, involved, justified and rules-based approaches, including special and differential behavior for developing countries. India strongly believe that it should be preserved and nurtured.”
Jaishankar’s comment on the international trade system comes at a time when the US has imposed a 50 percent tariff on Indian goods, including 25 percent fine on Russian oil imports. The US has also imposed tariffs on many other countries.
The Union Minister said that in the last few years, the functioning of international organizations has seen huge shortcomings in many areas.
He said, “On the main issues, unfortunately, we have seen that the deadlock has weakened the discovery of shared base. These experiences have made the needs of commonly improvised multilateralism, and especially the United Nations and its security council, even more important. The BRICS has adopted a positive stance on this need for improvement and we hope that it will be a strong voice of collectively changes.”
He added, “Today the world wants an immediate solution to the existing struggles. Global South has experienced a decline in its food, energy and fertilizer safety. Where shipping is targeted, not only business, but also livelihood is affected. Selected protection cannot be a global solution. Early end and a permanent solution to ensure a permanent solution to ensure a clear way to ensure a clear way.”
