In his address to the virtual Brics Summit, Jaishankar said it was imperative that economic practices were fair, transparent and to everyone’s benefit. India on Monday urged the Brics grouping to focus on stabilising the global economy and world order while opposing unfair trade practices and increased barriers at a virtual summit of the bloc of emerging economies convened to discuss the impact of the tariff policies of the Trump administration in the US.
External affairs minister S Jaishankar, who represented the Indian government at the meeting convened by President Luiz Inacio Lula da Silva of Brazil, the current chair of Brics, also called for the protection of the global trading system based on an open, fair, non-discriminatory and rules-based approach.
The Indian side further called on the 10-member grouping, which also includes China, Iran and Russia, to address the impact of conflicts in Ukraine and West Asia on the Global South and to back the reform of multilateralism. Both India and Brazil have been hit with 50% tariffs by the Trump administration, among the highest in the world.
Jaishankar noted in his address that the multilateral system “appears to be failing” following the impact of the Covid-19 pandemic, major conflicts in Ukraine and West Asia, volatility in trade and investment flows and extreme climate events, and said: “Today, the focus is on stabilising the international economy and the world order.”
He added, “The international trading system is based on the foundational principles of open, fair, transparent, non-discriminatory, inclusive, equitable and a rules-based approach with special and differential treatment for developing countries. India strongly believes that this should be protected and nurtured.”
Without directly referring to the trade and tariff policies of the Trump administration, Jaishankar said “trade patterns and market access” were key issues in the global economic debate.
“The world requires constructive and cooperative approaches to promote trade that is sustainable. Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters,” he said, in an apparent reference to the US slapping a 25% punitive tariff on Indian goods over the purchase of Russian energy.
The virtual Brics Summit was held at a time when India-US relations have been impacted by strains not witnessed in almost two decades, with senior officials of the Trump administration criticising India on an almost daily basis over its ties with Russia, including purchases of oil and military hardware, and “profiteering” from the reselling of Russian energy.
