BRics Members Admonished for Tying Trade Policies to Political Controversies, according to Jaishankar

India's Foreign Minister Urges Action on Trade Deficits and Fairness at BRICS Summit

Foreign Minister of India, S. Jaishankar, emphasized the need for timely solutions to strengthen intra-BRICS trade flows during the virtual BRICS Summit hosted by Brazilian President Luiz Inácio Lula da Silva.

Jaishankar highlighted India's large trade deficits with BRICS partner countries, particularly naming China and some other members, and urged for prompt action to address this imbalance. He reiterated India's stance that international trade must remain open, fair, transparent, inclusive, and non-discriminatory.

The Minister also underscored the importance of special and differential treatment for developing nations in the international trading system. He emphasized the need for more resilient and diversified production networks due to current global problems such as disrupted supply chains, food and energy insecurity, and fragmented manufacturing.

Jaishankar cautioned against connecting trade measures with political or non-economic concerns, warning that practices lacking fairness, transparency, and mutual benefit undermine global economic stability. He reiterated India's stance that the international trading system must remain open, fair, transparent, inclusive, and rules-based.

The BRICS virtual summit was a discussion among leaders from Brazil, Russia, India, China, and South Africa. The recent U.S. decision to impose additional tariffs on Indian goods over its purchase of Russian oil was the context of Jaishankar's remarks during the summit.

Jaishankar's participation in the summit, with Prime Minister Modi absent, underscores India's balancing act as it seeks to safeguard trade interests while navigating political and economic pressures on the global stage. The Minister called for stronger cooperation within BRICS, emphasizing the need to review and address existing trade deficits.

In addition, Jaishankar pointed out multiple challenges, including the aftermath of the pandemic, ongoing geopolitical conflicts, climate change, and slow progress on sustainable development goals. He emphasized special provisions for developing nations in the international trading system to help them overcome these challenges.

The discussion of the international trading system's principles was a part of Jaishankar's remarks during the summit. He urged members to find timely solutions to strengthen intra-BRICS trade flows and ensure a fair, transparent, and mutually beneficial trading environment. Jaishankar's call for action underscores India's commitment to fostering a more equitable and sustainable global trading system.

BRics Members Admonished for Tying Trade Policies to Political Controversies, according to Jaishankar