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Economic practices must be fair and benefit everyone: Jaishankar at BRICS meet
Jaishankar stated that the world needs to have a “constructive and cooperative” approach towards trade.
Economic practices must be fair and transparent in the global order, and must be for everyone's benefit, External Affairs Minister S Jaishankar said at the BRICS summit on Monday.
In the virtual meet of the BRICS group of countries, Jaishankar stated that the world needs to have a “constructive and cooperative” approach towards trade, which is sustainable.
“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,” Jaishankar said.
Highlighting that the world needs a stable environment for trade, the External Affairs Minister said that India believed that the open, fair, and transparent approach of international trade must be protected, PTI reported.
“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,” the EAM said.
He further said that complicating transactions, stepping up trade barriers, and trade measures to non-trade matters would not be of help.
Jaishankar also spoke about the reviewing of trade flows between the member states, saying that India had “some of our biggest deficits” with BRICS countries. He stated that India had been pressing for the expeditious solutions to this, adding that he was hopeful that this would be one of the takeaways of Monday's BRICS meet.
