Global trade must be underpinned by fairness and transparency, India emphasised on Monday as External Affairs Minister S. Jaishankar represented the country at the virtual BRICS summit convened by Brazilian President Luiz Inacio Lula da Silva. The meeting saw participation from Chinese President Xi Jinping, Russian President Vladimir Putin and other member states, and focused on disruptions caused by recent US trade and tariff policies.
Addressing the summit, Jaishankar highlighted the need for a stable and predictable environment for investment and commerce. “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,” he said.
The minister underlined India’s commitment to protecting the foundational principles of the international trading system, including open, non-discriminatory, equitable and rules-based approaches. “India strongly believes that this should be protected and nurtured,” Jaishankar added.
Highlighting global challenges, he pointed to the lingering effects of the Covid-19 pandemic, conflicts in Ukraine and the Middle East, volatility in trade 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 said.
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Jaishankar also stressed the importance of resilient supply chains to withstand shocks. “When there are multiple disruptions, our objective should be to proof it against such shocks. That means creating more resilient, reliable, redundant and shorter supply chains,” he explained.
The minister urged member states to adopt “constructive and cooperative” approaches to promote sustainable trade. He warned that increasing barriers or linking trade measures to non-trade issues would be counterproductive.
Addressing India’s trade deficit with BRICS partners, Jaishankar said, “Where India is concerned, some of our biggest deficits are with BRICS partners and we have been pressing for expeditious solutions. We hope that this realisation will be part of the takeaways from today's meeting.”
The summit provided a platform for member nations to examine trade flows, strengthen cooperation, and set an example for the international community in mitigating the impact of economic disruptions.
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