Jaishankar takes veiled digs amid US rates, says economic practices should be fair and benefit everyone

Foreign Minister Jaishankar said on Monday that economic practices around the world must be fair, transparent and to everyone’s benefit, as the world wants a stable and predictable environment for trade and investment. Jaishankar’s remarks at the Virtual Brics Summit are in the midst of increasing concerns about the world as a result of US rates on India and other countries. Addressing the virtual summit shared Jaishankar India’s faith to protect an open, fair, transparent and non-discriminatory approach of the international trading system. Jaishankar represented Prime Minister Narendra Modi at the Brics Summit attended by Chinese President Xi Jinping, Russian President Vladimir Putin and more leaders of the group. “The world as collective is looking for 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,” the Eam said. “If there are multiple disruptions, our goal must be to prove it against such shocks. It means creating more resilient, reliable, redundant and shorter supply chains,” he added. Brazilian President Luiz Inacio Lula da Silva convened the Virtual Brics Summit to discuss the US rates and trade policies that disrupted the trade. Jaishankar insists that “constructive and collaborative” approach in his speech, Eam Jaishankar, suggested that “constructive and collaborative” approaches around the world are needed to promote sustainable trade. ‘Increasing barriers and complicating transactions will not help. The link of trade measures to matters that do not trade, ‘he said. Jaishankar requested Brics countries to set an example by reviewing their own trade policies with member states. ‘As far as India is concerned, some of our biggest shortages are at Brics partners and have pushed us for quick solutions. We hope this realization will be part of the takeaway of today’s meeting, ‘he said. Jaishankar’s remarks are important amid India’s increasing trading deficit with China. “India strongly believes that it should be protected and cherished,” he said. The Foreign Minister also said that the “state of the world today is a cause for sincere concern”. The Covid pandemic, large conflicts in Ukraine and the Middle East and volatility in trade and investment flow, as well as extreme climate events, are some of the examples of the most important challenges the world has faced over the past few years, Jaishankar said. “In light of these challenges, the multilateral system seems to fail the world. That so much severe tension becomes untidy is understandable consequences for the world order itself,” the Eam said. “This is this cumulative concern that Brics is discussing now,” he added.