NEW DELHI – India's External Affairs Minister S. Jaishankar today called on BRICS countries to prioritize transparent trade and investment practices and bolster supply-chain resilience. Speaking at the BRICS Business Forum in New Delhi, ahead of the 18th BRICS Summit, Jaishankar highlighted the critical need for these measures amidst a volatile global economic landscape.
Addressing Global Volatility
Jaishankar noted that the current global political and economic order is undergoing significant churn, characterized by uncertainty, complexity, and volatility. He pointed to ongoing geopolitical conflicts, persistent pandemics, and escalating climate disruptions as primary drivers of economic consequences worldwide.
To counter these challenges, the minister underscored the importance of concerted efforts to mitigate supply-chain disruptions and build greater resilience. He asserted that enhanced market access and robust supply chains are fundamental for sustaining economic growth across the BRICS member states.
“The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships,” Jaishankar stated, emphasizing collaboration.
Pillars of Economic Resilience
For the BRICS bloc, Jaishankar articulated that increased economic activity and security should translate into greater self-reliance. He defined this objective as strengthening the collective ability to absorb shocks while maintaining connectivity and competitiveness in the global arena.
His recommendations included fostering genuine market practices, ensuring dependable logistics, cultivating a predictable business environment, diversifying commercial relationships, and upholding transparent trade and investment frameworks. Furthermore, he stressed that energy systems must be capable of weathering disruptions, and transition pathways should account for diverse national circumstances.
Opportunities in the Digital Age
The minister also identified several burgeoning sectors offering substantial opportunities for BRICS economies. These include digital public infrastructure, artificial intelligence (AI), fintech, and advanced manufacturing. However, he cautioned that questions surrounding access, standards, security, and trust must be addressed as these technologies continue to expand.
Under India's BRICS chairship, initiatives such as the BRICS incubator network and the BRICS Startup Innovation Fund have sought to fortify the innovation and entrepreneurial ecosystem. Jaishankar stressed that the benefits of these programs should be accessible across the entire spectrum of the business communities within member nations.
India's Role in BRICS Cooperation
Jaishankar highlighted India's experience in cultivating a vast market, expanding manufacturing capabilities, developing a skilled talent pool, and strengthening its digital and innovation ecosystems. These strengths, he argued, position India as a natural partner for other BRICS economies.
As BRICS leaders prepare for their summit, the External Affairs Minister concluded that the Business Forum's most valuable contribution would be to provide a clear business perspective for the next phase of cooperation. This involves identifying new opportunities, understanding business challenges, and determining how governments can effectively address these issues to foster deeper economic partnerships.