Policies to be fair, transparent: S Jaishankar at Brics meet amid Trump tariffs
Speaking at the virtual Brics virtual meeting, Jaishankar said the group should focus on building a more resilient supply chain, especially at a time when multiple disruptions are affecting international trade.
New Delhi: External Affairs Minister S. Jaishankar emphasised the requirement of fair, transparent and unbiased economic policies that would also cater to the developing countries, amidst the ongoing tariff war. Making a subtle attack on US President Donald Trump, the EAM directed the countries to focus on creating a resilient supply chain, especially when multiple disruptions are affecting international trade.
The Foreign Minister on Monday addressed the meeting in place of Prime Minister Narendra Modi."It is imperative that economic practices are fair, transparent and to everyone’s benefit. When there are multiple disruptions, our objective should be to prove it against such shocks. That means creating more resilient, reliable, redundant and shorter supply chains," Jaishankar said. Earlier, Brazilian President Luiz Inácio Lula da Silva had called upon the BRICS meeting to discuss tariffs imposed by Trump.
'Global challenges-joint solutions'
The EAM said that the international market is falling amidst a host of challenges in the last few years. Jaishankar pointed at several pressing global issues that need to be addressed by the nations. He said, "The last few years have witnessed the devastating impact of the Covid pandemic, major conflicts in Ukraine and the Middle East, 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."
The minister made a strong case for supporting a rules-based global trading system. He emphasized that principles such as openness, fairness, equity, and transparency are essential, and that developing countries must receive special consideration to help them grow. He also underlined the importance of multilateralism, saying that global challenges—from food and energy insecurity to climate change—require joint solutions, not unilateral actions.
'Complicating transactions won't help'
The EAM then highlighted India's trade imbalances at the meeting. He said, "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 realisation will be part of the takeaways from today’s meeting".
The Foreign Minister's remarks come amidst India facing steep import tariffs imposed by the United States. Indian exports to the US are now subject to a 25 per cent reciprocal levy, along with an additional 25 per cent tariff aimed at penalising India for its purchase of Russian crude. This brings the total tariff to 50 per cent.