EAM cites linkage of trade measures to non-trade issues at BRICS Summit
By Anjali Sharma
Washington – External Affairs Minister S Jaishankar on Monday spoke at a virtual BRICS summit convened by Brazilian President Luiz Inacio Lula da Silva to discuss the tariffs imposed by Trump, and multilateralism.
S Jaishankar took a indirect jibe at Trump stated that linking trade measures to non-trade matters will not help in promoting a sustainable global trade.
He represented Prime Minister Narendra Modi at the summit, during his address, said that the state of the world today is a cause for genuine concern.
“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,” he said.
He noted that the past few years have been marked by the devastating impact of the Covid-19 pandemic, major conflicts in Ukraine and the Middle East, volatility in global trade and investment flows, extreme climate events, and a noticeable slowdown in progress towards the Sustainable Development Goals. In the face of these challenges, he stated, the multilateral system appears to be falling short of its responsibilities to the world.
“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,” he added.
He said that in the past, the endeavor has been to find common ground between our respective national policies and to act on that basis.
“Today, the focus is on stabilizing the international economy and the world order. But it is equally essential that we turn our attention to ongoing conflicts, not least because they have direct developmental and supply chain implications,” he added.
“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
He urged the world leaders for the creation of 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 said.
Jaishankar in his concluding remarks urged the BRICS members to not lose sight of bigger concerns, especially climate change, even as the world grapples with policy challenges.
He added “Sadly, both climate action and climate justice are currently slipping in global priorities. We need new thinking and initiatives as well. I commend the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure and the Global Bio-fuels Alliance for your consideration.”
