BRICS needs to work towards stabilising world order amid failing multilateralism: S Jaishankar

While in the past, the focus of the BRICS nations has been to find a common ground between the national policies of the respective nations and act on it, the focus of the BRICS nations today should be to stabilise international economy and the world order, S Jaishankar, the Minister of External Affairs, said in his address during the virtual summit of BRICS leaders on Monday.

The minister highlighted that the world today is fraught with uncertainty and demands attention. “The state of the world today is a cause for genuine concern. The last few years have witnessed the devastating impact of the Covid-19 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,” explained Jaishankar. He added that in the face of these challenges, the multilateral system appears to be failing the world.

Jaishankar also added that 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. That means creating more resilient, reliable, redundant and shorter supply chains,” he said.

The minister emphasised that, in addition, it is also essential that the BRICS nations democratise 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.”

According to Jaishankar, trade patterns and market access are today prominent issues in the global economic discourse. “The world requires constructive and cooperative approaches to promote sustainable trade. Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters,” he said.

He averred that 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.”

The foundational principles of the international trading system are open, fair, transparent, non-discriminatory, inclusive, equitable and a rules-based approach with special and differential treatment for developing countries, said Jaishankar. “India strongly believes that this should be protected and nurtured.”