NEW DELHI: Amid escalating global trade tensions driven by US President Donald Trump’s tariff policies, India on Monday urged for a fair, transparent, and inclusive global economic order.
Speaking at a virtual BRICS summit, External Affairs Minister Dr S Jaishankar called for resilient economic cooperation to mitigate the fallout from protectionist shocks and geopolitical disruptions.
“The world as a collective is seeking a stable and predictable environment for trade and investment,” said Jaishankar.
“It is imperative that economic practices are fair, transparent and to everyone’s benefit,” he added. In a reference to ongoing trade turbulence, the minister emphasised the need for diversified and democratic production systems.
“When there are multiple disruptions, our objective should be to proof it against such shocks,” he said, calling for “shorter, resilient, and more redundant supply chains”
“Democratising manufacturing and encouraging production across geographies will enhance regional self-sufficiency and reduce anxieties during crises,” he added.
“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. India strongly believes that this should be protected and nurtured,” he said.
He pointed out that trade patterns and market access were key issues in the global economic debate.
The remarks come as India and Brazil continue to reel from the effects of tariffs imposed during Trump's administration, which levied up to 50% duties on both key Brazilian and Indian exports for different reasons.
Brazilian President Luiz Inácio Lula da Silva echoed similar concerns, denouncing what he called the normalisation of “tariff blackmail” as a tactic for market domination and domestic interference.
Without naming the US directly, Lula emphasised the need for greater financial and trade integration within BRICS as a counterweight to such pressures.
Jaishankar reaffirmed India’s commitment to the principles of open and rules-based trade, advocating special and differential treatment for developing countries.
“The international trading system must remain non-discriminatory, inclusive, and equitable,” he said.
He then pointed out that some of India’s trade deficits exist with fellow BRICS nations, underscoring the need for expedited resolutions and stronger intra-BRICS cooperation.