SINGAPORE: Emphasizing the need for stability in global trade, External Affairs Minister S. Jaishankar on Monday stressed that economic practices must be fair, transparent, and mutually beneficial, amid rising concerns over the United States’ tariff policies.
Addressing a virtual BRICS summit, Jaishankar said India firmly believes in safeguarding the core principles of the international trading system—openness, fairness, transparency, and non-discrimination.
Representing Prime Minister Narendra Modi, Jaishankar joined leaders including Chinese President Xi Jinping, Russian President Vladimir Putin, and others at the summit, convened by Brazilian President Luiz Inacio Lula da Silva to address trade disruptions linked to Washington’s policies.
“The world is collectively seeking a stable and predictable environment for trade and investment. At the same time, it is imperative that economic practices are fair, transparent, and beneficial to all,” Jaishankar said.
He highlighted the need to shield global trade from multiple disruptions by building “more resilient, reliable, redundant, and shorter supply chains.” He also called for “constructive and cooperative” approaches to sustainable trade, warning that increasing barriers or linking trade measures to non-trade matters would be counterproductive.
Jaishankar noted that BRICS could lead by example through reviewing trade flows among its member states. “Some of India’s largest deficits are with BRICS partners, and we have been pressing for prompt solutions. We hope today’s discussions will reflect this understanding,” he said—a remark underscoring India’s growing trade deficit with China.
He reiterated that the international trading system rests on the principles of openness, fairness, transparency, inclusivity, equity, and a rules-based framework that provides special consideration for developing countries. “India strongly believes these principles must be protected and nurtured,” Jaishankar added.
The minister also flagged the pressing global challenges of recent years, including the COVID-19 pandemic, conflicts in Ukraine and the Middle East, volatility in trade and investment flows, and extreme climate events. “The state of the world today is a cause for genuine concern,” he said, noting that the multilateral system has struggled to address these crises, with serious consequences for the global order.
“It is this cumulative concern that BRICS is now discussing,” Jaishankar concluded.
