Kuala Lumpur, Oct 27 External Affairs Minister (EAM) S Jaishankar on Monday said that energy trade is increasingly constricted, causing market distortions and stressed that principles are applied selectively with what is being preached not necessarily practiced.
Delivering India's national statement at the 20th East Asia Summit (EAS) in Malaysia's Kuala Lumpur on Monday, EAM Jaishankar said, "We meet in complicated times. There are growing concerns about the reliability of supply chains and access to markets. Technology advancement has become very competitive; the quest for natural resources even more so. Energy trade is increasingly constricted, with resulting market distortions. Principles are applied selectively and what is preached is not necessarily practiced.
"But, change has a life of its own. And the world will inevitably respond to new circumstances. Adjustments will be made, calculations will come into play, fresh understandings will be forged, new opportunities will emerge and resilient solutions will be devised. At the end of the day, the realities of technology, of competitiveness, of market size, digitization, connectivity, of talent and of mobility cannot be ignored. Multipolarity is not just here to stay but to grow. All these warrant serious global conversations," he stated.
His comments at the summit came amid increasing concern across the world due to the tariffs imposed by Washington. Earlier in September, US President Donald Trump imposed a 50 per cent tariff on Indian goods, blaming what he described as unfair trade practices and New Delhi's refusal to halt the import of Russian crude oil. India has defended its purchases of Russian oil as essential for ensuring affordable supplies and energy security for its people.
In his statement, EAM Jaishankar, who represented Prime Minister Narendra Modi at the Kuala Lumpur Summit, also called for an early end to the conflict in Ukraine and welcomed the Gaza peace plan. "We are also witnessing conflicts that have significant repercussions, near and far. Deep human suffering apart, they undermine food security, they threaten energy flows and they disrupt trade. India, therefore, welcomes the Gaza peace plan. We also seek an early end to the conflict in Ukraine."
Calling for zero-tolerance against terrorism, the EAM said, "Terrorism poses a continuous and corrosive threat. The world must display zero tolerance; there is no room for ambivalence. Our right of defence against terrorism can never be compromised."
Jaishankar expressed India's support for the activities of the East Asia Summit (EAS) and its future directions. He highlighted that EAS knowledge exchange workshop on energy efficiency policies and a conclave of higher educational institutions were recently held in India.
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