News Brief
Multilateral System Appears To Be Failing The World: Jaishankar At BRICS Leaders Summit
EAM S Jaishankar (File Photo)
External Affairs Minister S Jaishankar on Monday (8 September) used the BRICS leaders’ summit to caution against the “linking of trade measures to non-trade matters,” in a veiled reference to the US administration’s additional tariffs on India over its purchase of Russian oil, the Indian Express reported.
Calling for a “stable and predictable environment for trade and investment,” he stressed that economic practices must be “fair, transparent and to everyone’s benefit.”
“The state of the world today is a cause for genuine concern. The last few years have witnessed the devastating impact of the Covid pandemic, major conflicts in Ukraine and the Middle East/ West Asia, 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,” Jaishankar said in his virtual address, as quoted by the Indian Express.
He cautioned that “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.”
The meeting, hosted by Brazilian President Luiz Inacio Lula da Silva, followed Washington’s decision to impose 50 per cent tariffs on both India and Brazil.
Standing in for Prime Minister Narendra Modi, Jaishankar participated alongside Chinese President Xi Jinping and Russian President Vladimir Putin.
He stressed that it was equally important to focus on ongoing conflicts, pointing out that they carry direct developmental and supply chain implications.
He underlined the need for resilient supply chains and called for the democratisation of manufacturing and production.
He also emphasised that the obvious pathway forward was an early end to hostilities and the pursuit of diplomacy to ensure a durable solution.
