India Urges BRICS To Focus On Economic Stability, World Order Reforms

(MENAFN- Kuwait News Agency (KUNA)) NEW DELHI, Sept 8 (KUNA) -- India called upon the BRICS countries to focus attention on ongoing conflicts along with its current focus on stabilizing the international economy and reforming the world order.
Addressing the BRICS Leaders' Summit on Monday, Indian External Affairs Minister S. Jaishankar said that the state of the world today, is a cause for genuine concern.
The virtual summit meeting was hosted by Brazilian President Luis Inacio Lula da Silva.
"The last few years have witnessed the devastating impact of the Covid pandemic, major conflicts in Ukraine and the Middle East, volatility in trade and investment flows, extreme climate events and a discernible slowing down of the SDG Agenda," Jaishankar said in a speech on behalf of Indian Prime Minister Narendra Modi.
The BRICS countries are discussing these challenges as the multilateral system appears to be failing the world and so many serious concerns are being left unaddressed, he said.
"Today, the focus is on stabilizing the international economy and the world order. But it is equally essential that we turn our attention to ongoing conflicts, not least because they have direct developmental and supply chain implications," he said.
He also pointed out to the weight of the members of BRICS as they represent a broad diversity of societies underlining the need to find common ground between respective national policies and to act on the basis of common challenges.
Jaishankar appealed to maintain fair and transparent economic practices that are to everyone's benefit.
"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.
"Not just that, it is also essential that we democratize manufacturing and production and encourage their growth in different geographies," he went on.
He criticised linking trade measures to non-trade matters and asserted that trade barriers and complicating transactions will not help.
"The world requires constructive and cooperative approaches to promote trade that is sustainable. The BRICS itself can set an example by reviewing trade flows among its member states," he stated.
He also appealed to protect the international trading system which he said is based on the foundational principles of open, fair, transparent, non-discriminatory, inclusive, equitable and a rules-based approach.
Jaishankar called for an urgent resolution of ongoing conflicts saying the Global South has experienced a deterioration in its food, energy and fertilizer security.
"Where shipping is targeted, not just trade but livelihoods also suffer. A selective protection cannot be a global answer. An early end to the hostilities and undertaking diplomacy to ensure a durable solution is the obvious pathway before us," he said.
He called for an exchange of views on reforming multilateralism as the next UN General Assembly Session is approaching. He also underlined the importance of addressing climate change lamenting that both climate action and climate justice are currently slipping in global priorities. (end)
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