Key Points

Jaishankar, who represented Prime Minister Narendra Modi at this virtual meeting of BRICS Leaders, said that the world requires constructive and cooperative approaches to promote sustainable trade.

He noted that some of India's biggest deficits are with BRICS partners, and there is a need for expeditious solutions.

"The last few years have witnessed the devastating impact of the Covid pandemic, major conflicts in Ukraine and the Middle East/West Asia, volatility in trade and investment flows, extreme climate events and a discernible slowing down of the SDG Agenda. 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. It is this cumulative concern that the BRICS is now discussing," he said.

The Union Minister said trade patterns and market access are today prominent issues in the global economic discourse.

"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. The BRICS itself can set an example by reviewing trade flows among its member states. 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 realization will be part of the takeaways from today's meeting," he said.

"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," he added.

Calling for economic resilience, Jaishankar emphasized the importance of reliable supply chains and decentralized production. "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. It is also essential that we democratize manufacturing and production and encourage their growth in different geographies," he said.

He said 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.

Jaishankar stressed the urgent need for reforms in international organizations, including the UN Security Council. "On key issues, we have unfortunately seen that gridlocks have undermined the search for common ground. These experiences have only made the case for reformed multilateralism generally, and that of the United Nations and its Security Council specifically, more urgent," he noted, adding that BRICS has taken a "positive view" of this need for change.

Referring to climate change, he said, "sadly, both climate action and climate justice are currently slipping in global priorities.

"We need new thinking and initiatives as well. I commend the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure and the Global Bio-fuels Alliance for your consideration."

- ANI