Jaishankar Takes Veiled Dig Amid US Tariffs, Says Economic Practices Should Be Fair And Benefit Everyone

(MENAFN- Live Mint) External Affairs Minister S Jaishankar on Monday said economic practices around the world should be fair, transparent and to everyone's benefit as the world seeks a stable and predictable environment for trade and investment.

Jaishankar's comments at the virtual BRICS Summit came amid increasing concern around the globe due to US tariffs on India and other countries.

Addressing the virtual summit, Jaishankar shared India's belief of protecting an open, fair, transparent and non-discriminatory approach of the international trading system.

Jaishankar was representing Prime Minister Narendra Modi at the BRICS Summit attended by Chinese President Xi Jinping, Russian President Vladimir Putin and more leaders from the group.

“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,” the EAM said.

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“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 added.

Brazilian President Luiz Inacio Lula da Silva convened the virtual BRICS Summit to discuss about US tariffs and trade policies that have disrupted trade.

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In his speech, EAM Jaishankar suggested that“constructive and cooperative” approaches are needed by the world to promote sustainable trade.

“Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters,” he said.

Jaishankar urged BRICS nations to set an example by reviewing their own trade policies with member nations.

“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,” he said.

Jaishankar's comments assume significance amid India's increasing trade deficit with China.

“India strongly believes that this should be protected and nurtured,” he said.

The external affairs minister also said that the“state of the world today is a cause for genuine concern”.

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The Covid pandemic, major conflicts in Ukraine and the Middle East and volatility in trade and investment flows as well as extreme climate events are some of the examples of the major challenges that the world has been facing over the past few years, Jaishankar said.

“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,” the EAM said.

“It is this cumulative concern that BRICS is now discussing,” he added.

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