New Delhi : External Affairs Minister S. Jaishankar on Monday addressed the Virtual Summit of BRICS Leaders, stressing the need for constructive and cooperative approaches to promote sustainable trade and resilient international markets. Moreover, he identified trade patterns and market access as prominent issues in the current global economic discourse.
Jaishankar highlighted the growing complexities in global trade, stating, “The world as a collective seeks a stable and predictable environment for trade and investment. At the same time, it is imperative that economic practices remain fair, transparent, and beneficial for all.” Furthermore, he emphasized the importance of resilient, reliable, and shorter supply chains and the need to democratize manufacturing and production across different geographies. As a result, countries can enhance regional self-sufficiency and reduce vulnerabilities during uncertain times.
The EAM urged BRICS nations to review trade flows among member states. Specifically, he said, “Where India is concerned, some of our biggest deficits are with BRICS partners, and we have been pressing for expeditious solutions. We hope this realisation forms part of today’s meeting takeaways.”
Jaishankar underscored that the international trading system must remain open, fair, transparent, non-discriminatory, inclusive, and rules-based, with Special and Differential Treatment for developing countries. Additionally, he stated that India strongly supports protecting and nurturing these principles.
Citing disruptions caused by the Covid-19 pandemic, conflicts in Ukraine and West Asia, volatility in trade and investment, and extreme climate events, Jaishankar warned that the state of the world remains a cause for concern. Consequently, he noted, “In recent years, the multilateral system has struggled to address these stresses. Leaving these issues unresolved affects the global order itself. BRICS is discussing these cumulative concerns today.”
The EAM stressed that BRICS members, despite their diversity, face common global challenges. Furthermore, he highlighted the importance of stabilizing the international economy, addressing ongoing conflicts, and understanding their developmental and supply chain implications. Meanwhile, he called for discussions on reforming multilateralism ahead of the next UN General Assembly session.
Jaishankar pointed out the deterioration in food, energy, and fertilizer security in the Global South and criticized the performance of international organizations in recent years. Therefore, he reiterated India’s call for reforming the United Nations Security Council (UNSC), emphasizing the urgency of reformed multilateralism. In addition, he said, “BRICS has acknowledged this need for reform, and collectively, the group can become a strong voice for long-awaited change.”
The BRICS forum currently includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia, and Iran. Moreover, it serves as a political and diplomatic coordination platform for countries of the Global South across diverse sectors. Brazil officially assumed the BRICS chairmanship for 2025 on January 1.
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