New Delhi: External Affairs Minister S Jaishankar used the opening of the BRICS Business Forum on Friday to press member nations toward deeper commercial integration, framing tighter economic ties as a hedge against a fracturing global order.
Speaking a day ahead of the BRICS Summit, Jaishankar told delegates that the bloc’s 20th anniversary arrives at a moment of heightened strain, citing the economic fallout from geopolitical conflict, pandemics and climate shocks – even as digital and technological advances open fresh avenues for growth. For BRICS, he argued that trade and more insulation from external shocks add up to greater independence.
“For BRICS particularly, higher economic activity and higher economic security mean greater self-reliance,” he said, adding that the goal is to strengthen the ability of the members to “absorb shocks while remaining connected and competitive.”
Jaishankar said BRICS countries should focus on making it easier for businesses to find partners, enter new markets and connect supply networks. He said this would require reliable logistics, predictable business conditions, transparent trade and investment and diversified commercial relationships.
“That calls for genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships, and transparent trade and investment.” Jaishankar said BRICS was meeting at a time when the global political and economic order was undergoing major changes, with geopolitical conflicts, pandemics and climate-related disruptions reshaping economic activity.
“We meet at a time when the global political and economic order is under churn. Volatility, uncertainty, and complexity have become defining features of the world around us.”
At the same time, he said rapid digitisation and technological advances were opening new opportunities for growth, productivity and development, creating an economic landscape in which countries must be able to anticipate and adapt to shocks.
Jaishankar also stressed the importance of energy security, saying BRICS countries need energy systems capable of coping with disruption while pursuing transition pathways suited to their respective national circumstances. India’s BRICS chairship has sought to advance cooperation under the theme of “Building for Resilience, Innovation, Cooperation and Sustainability”, priorities, Jaishankar said, were particularly relevant to the current global environment.
