BRICS must deepen trade, build resilient supply chains amid global shocks: EAM S Jaishankar
External Affairs Minister S Jaishankar on Friday called for more predictable business environments, resilient supply chains and diversified trade relationships among BRICS countries and said the grouping's economic strength would increasingly depend on its ability to withstand global shocks.
Addressing the BRICS Business Forum here ahead of the summit, EAM Jaishankar said the grouping was meeting at a time of significant geopolitical and economic disruption with conflicts, pandemics and climate-related events reshaping economies.
"Volatility, uncertainty, and complexity have become defining features of the world around us," he said.
EAM Jaishankar said the BRICS business community should focus not only on commercial opportunities but also on creating conditions that make cross-border business easier and more resilient.
He identified supply-chain connectivity and trade facilitation as key priorities, alongside services, agriculture and agri-technology, digital delivery, micro, small and medium enterprises, startups and women-led businesses.
The objective should be to help businesses find more partners, access more markets, connect supply networks and turn complementarities between BRICS economies into viable commercial partnerships, he added.
For BRICS, greater economic activity and economic security would mean greater self-reliance, Jaishankar said. While cautioned that this should not translate into inward-looking policies.
He called for genuine market practices, dependable logistics, predictable business environment, diversified commercial relationships, and transparent trade and investment.
In addition, the minister also highlighted the growing intersection of technology, economics and geopolitics, saying digital public infrastructure, artificial intelligence, fintech and advanced manufacturing offered significant opportunities while raising issues related to access, standards, security and trust.
EAM Jaishankar said India's BRICS chairship had sought to strengthen the grouping's innovation and entrepreneurial ecosystem through initiatives including the BRICS incubator network and the BRICS Startup Innovation Fund.
India can make a significant contribution to the next phase of BRICS economic cooperation through its large and growing market, expanding manufacturing capabilities, deep talent pool, digital experience and entrepreneurial ecosystem, according to him.
