Brics must help member states reduce trade deficits: Jaishankar

NEW DELHI: Seeking protection for an international trading system that is fair, just and non-discriminatory, external affairs minister S Jaishankar said the world requires constructive and cooperative approaches to promote trade that is sustainable. Neither increasing barriers and complicating transactions, nor linking of trade measures to non-trade matters would be helpful, he said addressing Brics virtual summit convened by Brazilian President Luiz Inacio Lula da Silva .

Calling for fair economic practices, Jaishankar, also focused on need for Brics to address global conflicts, work towards reforms of global institutions and help member states reduce trade deficits that's important in context of India's own trade with China and Russia.

While PM Narendra Modi didn't participate in the meeting, both Russian President Vladimir Putin and his Chinese counterpart Xi Jinping joined the summit that saw Lula calling for more trade and financial integration among Brics nations to beat what he described, without naming US, as 'tariff blackmail'.

"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. India believes this should be protected and nurtured," Jaishankar said.

He said while the world as a collective is seeking a stable and predictable environment for trade and investment, it is imperative that economic practices are fair, transparent and to everyone's benefit.

"When there are multiple disruptions, our objective should be to proof it against such shocks. That means creating more resilient, reliable, redundant and shorter supply chains. Not just that, it is also essential that we democratise manufacturing and production and encourage their growth in different geographies," Jaishankar said, adding progress in that regard would contribute to regional self-sufficiency and relieve anxieties at times of uncertainty.

He said Brics can set an example by reviewing trade flows among its member states. "Where India is concerned, some of our biggest deficits are with Brics partners and we have been pressing for expeditious solutions. We hope that this realisation will be part of the takeaways from today's meeting," he said.