World seeking stable environment for trade, economic practices should be fair: Jaishankar tells BRICS meeting

New Delhi [India], September 8 : The world is seeking a stable and predictable environment for trade and investment and it is imperative that economic practices are fair, transparent and to everyone's benefit, External Affairs Minister S Jaishankar said on Monday and noted that international trading system based on principles of open, fair, transparent and rules-based approach should be protected and nurtured.

Jaishankar, who addressed the virtual meeting of BRICS Leaders , said the world today also seeks an urgent resolution of ongoing conflicts and the Global South has experienced a deterioration in its food, energy and fertilizer security.

"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. When there are multiple disruptions, our objective should be to proof it against such shocks," he said.

"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. Progress in that regard will contribute to regional self-sufficiency and relieve anxieties at times of uncertainty," he added.

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

Jaishankar's remarks on international trading system come amid the US imposing 50 per cent tariff imposed on Indian goods, including 25 per cent penalty for importing Russian oil. US has imposed on several other countries.

The Union Minister said the working of international organizations in the last few years has witnessed major shortfalls in many areas.

"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. The BRICS have taken a positive view of this need for reform and we expect that it would collectively become a strong voice for much awaited change," he said.

"The world today also seeks an urgent resolution of ongoing conflicts. 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 added.

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