New Delhi | The BRICS must address growing global market volatility by adopting transparent, open trade and investment practices with a broader goal to ensure economic stability, External Affairs Minister S Jaishankar said on Friday.
In an address at the BRICS Business Forum, he also spoke about geopolitical upheavals and underlined the need for concerted efforts to address supply chain disruptions as they are having economic consequences for countries around the world.
"We meet at a time when global political and economic order is under churn. Volatility, uncertainty, and complexity have become defining features of the world around us," he said.
"We are witnessing the economic consequences of geopolitical conflicts, of pandemics, and of climate-related disruptions," he said.
The external affairs minister underlined the need for greater market access and supply chain resilience to spur economic growth.
"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," he said.
"For BRICS particularly, higher economic activity and higher economic security mean greater self-reliance. The objective is to strengthen our ability to absorb shocks while remaining connected and competitive," he said.
Jaishankar said the situation calls for "genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships, and transparent trade and investment".
"It also calls for energy systems capable of coping with disruption and transition pathways that are suited to different national circumstances," he said.
India is hosting the BRICS summit on Saturday and Sunday in New Delhi.
Jaishankar said resilience has become a key component of the BRICS community while stressing the need for greater self-reliance while remaining connected and competitive through genuine market practices, dependable logistics and diversified commercial relationships He also highlighted digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as major opportunities, while noting questions of access, standards, security and trust.
He said India's chairship of BRICS has sought to strengthen the innovation and entrepreneurial ecosystem through the BRICS incubator network and BRICS Startup Innovation Fund, stressing that the benefits must be accessible across the full spectrum of business communities.
India's experience makes it a natural partner, with a large and growing market, expanding manufacturing capabilities, deeper pools of talent, digital experience and a dynamic innovation and entrepreneurial base, he said.
As BRICS leaders prepare to meet, he said the Forum's most useful contribution would be to bring a clear business perspective to the next phase of BRICS cooperation, focusing on opportunities, challenges faced by businesses and what governments can do to address them, the external affairs minister added.
