'Global Political, Economic Order Under Churn, Volatility Defining Global Landscape': EAM S Jaishankar at BRICS

New Delhi: External Affairs Minister S Jaishankar on Friday said the global political and economic order was undergoing significant changes, with volatility, uncertainty and complexity emerging as defining features of the world.

Addressing the BRICS Business Forum, Jaishankar said geopolitical conflicts, pandemics and climate-related disruptions were having economic consequences, while rapid digitisation and technological advances were creating new opportunities for growth and development.

"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. We are witnessing the economic consequences of geopolitical conflicts, of pandemics, and of climate-related disruptions," Jaishankar said.

"At the same time, rapid digitisation and technological advances are opening new possibilities for growth, productivity and development," he added.

Jaishankar said the changing environment had created an economic landscape in which both risks and opportunities were becoming more widely distributed.

"The result is an economic landscape where both risks and opportunities are becoming more widely distributed and where the ability to anticipate, adapt and respond is acquiring greater importance," the External Affairs Minister said.

India Brings a Large & Growing Market

External Affairs Minister S Jaishankar on Friday highlighted India's large and growing market, expanding manufacturing capabilities and strong talent pool, saying the country can contribute significantly to the next phase of BRICS economic cooperation.

Addressing the BRICS Business Forum, Jaishankar said India brings a combination of manufacturing capabilities, digital experience and a dynamic innovation and entrepreneurial ecosystem.

"India brings a large and growing market, expanding manufacturing capabilities, deeper pools of talent, digital experience and a dynamic innovation and entrepreneurial base," Jaishankar said.

He said the business forum could play an important role as BRICS leaders prepare to meet and called for bringing a clear business perspective to the grouping's next phase.

"As our leaders prepare to meet, the most useful contribution of this forum would be to bring a clear business perspective to the next phase of BRICS," the External Affairs Minister said.

‘Greater Self-Reliance’ To Higher Economic Activity

Jaishankar said greater economic activity and economic security within BRICS would contribute to greater self-reliance, while stressing the need to strengthen business ties, diversify commercial relationships and build resilient supply networks.

Addressing the BRICS Business Forum, Jaishankar said the common objective was to make it easier for businesses across member countries to find partners, access markets and connect supply networks.

"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. 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," Jaishankar said.

Jaishankar said achieving this objective would require genuine market practices, reliable logistics and a predictable business environment, along with diversified commercial relationships and transparent trade and investment.

"That 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 added.

The BRICS Business Forum is the grouping’s principal platform for private-sector engagement, held each year in the country hosting the BRICS Summit, immediately ahead of the Leaders’ meeting. It brings together prominent business representatives, government Ministers and Heads of State to exchange views on issues such as trade, investment, finance, technology and sustainable economic development that influence the BRICS agenda.

"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. 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. That 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," EAM Jaishankar said.

The forum contributes directly to shaping the grouping’s economic priorities. It provides an avenue for presenting the perspectives and recommendations developed by the BRICS Business Council and for bringing these proposals into discussions with policymakers. The Forum’s outcomes, along with the Council’s recommendations, frequently inform BRICS Summit declarations and subsequent programmes of work, including initiatives aimed at expanding intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value chain integration.

The main programme of the BRICS Summit will begin on September 12, with leaders expected to discuss initiatives of India's presidency and prospects for further strengthening the BRICS strategic partnership.

India's BRICS chairship has focused on strengthening international cooperation across trade, digital technology, finance, energy security and global governance reform.

The September summit is expected to address resilient global supply chains, cross-border payment integration, greater use of national currencies, MSME development, digital trade and artificial intelligence.

Energy security, climate resilience, development finance, expansion of the New Development Bank and reforms of multilateral financial and political institutions are also expected to feature prominently. 

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