Jaishankar Urges BRICS to Reevaluate Trade Patterns Among Member Nations

Quick Summary

• External Affairs Minister S.Jaishankar addressed a virtual BRICS leaders’ meeting, representing Prime Minister Narendra Modi.
• He emphasized that BRICS nations should review internal trade flows to address economic deficits and set an example globally.
• Highlighted concerns over increasing barriers and linking trade measures to non-trade issues.
• Expressed India’s message for BRICS to stabilize the global economy, support the Global South, and reform multilateralism.
• criticized the multilateral system for its inability to adequately handle global challenges like COVID-19,conflicts in Ukraine/Middle East,climate change events,and slowing SDG progress.
• Advocated for fair and transparent economic practices while urging resilience in supply chains and democratization of manufacturing globally.
• Even though India’s largest deficit is wiht certain BRICS partners, Jaishankar underscored India’s belief in equitable rules-based trading systems favoring developing economies via special treatment measures.
• Highlighted ongoing issues such as food/fertilizer security deterioration in the Global South due to conflicts targeting shipping lanes.stressed diplomacy for conflict resolution as vital for stability.
• Underlined fading prioritization of climate action on a global scale; proposed innovative solutions like International Solar Alliance initiatives.

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