Jaishankar Urges BRICS to Build Resilient Supply Chains, Diversify Trade
S Jaishankar told the BRICS Business Forum that the grouping's economic strength will depend on its ability to absorb global shocks and deepen trade ties.
External Affairs Minister S Jaishankar on Friday urged BRICS nations to build more resilient supply chains and diversify their trade relationships, saying the grouping's economic strength would increasingly rest on its capacity to absorb global shocks.
Speaking at the BRICS Business Forum ahead of the summit, Jaishankar said the bloc was convening amid significant geopolitical and economic disruption, with conflicts, pandemics and climate-related events reshaping economies. He described volatility, uncertainty and complexity as defining features of the present global landscape.
The minister said the BRICS business community should look beyond commercial opportunities and work on creating conditions that make cross-border business easier and more resilient. He identified supply-chain connectivity and trade facilitation as key priorities, along with services, agriculture and agri-technology, digital delivery, micro, small and medium enterprises, startups and women-led businesses.
The aim, he said, should be to help businesses find more partners, reach more markets, connect supply networks and convert complementarities between BRICS economies into viable commercial partnerships.
Jaishankar said greater economic activity and economic security would mean greater self-reliance for BRICS, while cautioning that this should not lead to inward-looking policies. He called for genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships and transparent trade and investment.
He also pointed to the growing intersection of technology, economics and geopolitics, noting that digital public infrastructure, artificial intelligence, fintech and advanced manufacturing present significant opportunities while raising questions of access, standards, security and trust.
According to the minister, India's BRICS chairship has sought to strengthen the grouping's innovation and entrepreneurial ecosystem through initiatives such as the BRICS incubator network and the BRICS Startup Innovation Fund. He said India can contribute substantially 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.