New Delhi, September 8 — External Affairs Minister S. Jaishankar on Monday stressed that the world is looking for a stable and predictable environment for trade and investment, calling for fair and transparent economic practices that benefit all. His remarks came at a virtual BRICS summit held against the backdrop of rising concerns over Washington’s tariff policies.
Representing Prime Minister Narendra Modi, Jaishankar addressed leaders including Chinese President Xi Jinping, Russian President Vladimir Putin, and host Brazilian President Luiz Inacio Lula da Silva. The summit focused on trade disruptions and global economic challenges triggered by protectionist policies.
“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,” Jaishankar said. He underlined the need for resilient, reliable, and shorter supply chains to withstand multiple disruptions.
Jaishankar urged a constructive and cooperative approach to sustainable trade, warning that raising barriers and linking trade measures to non-trade matters would only worsen challenges. He called on BRICS nations to review trade flows within the bloc, noting that India faces its largest trade deficits with BRICS partners, particularly China.
Highlighting the principles of the global trading system, Jaishankar said it must remain open, fair, transparent, non-discriminatory, inclusive, and rules-based, with special provisions for developing countries. “India strongly believes that this should be protected and nurtured,” he stated.
The minister flagged the cumulative impact of global crises from the Covid-19 pandemic to conflicts in Ukraine and the Middle East, volatility in investment flows, and extreme climate events. He cautioned that the multilateral system has failed to address these issues effectively, adding that such gaps are undermining the global order.
“It is this cumulative concern that BRICS is now discussing,” Jaishankar concluded.
