BRICS must adopt transparent trade and investment practices to counter global market volatility, says Jaishankar at Business Forum

New Delhi: The BRICS bloc must address growing global market volatility by adopting transparent and open trade and investment practices to ensure economic stability, external affairs minister S Jaishankar said Friday.

Addressing the BRICS Business Forum, Jaishankar also highlighted geopolitical upheavals and underlined the need for concerted efforts to address supply chain disruptions, genuine market practices, dependable logistics, predictable business environment, diversified commercial relationships, and transparent trade and investment.

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"We meet at a time when global political and economic order is under churn," said Jaishankar. "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."

He however highlighted that rapid digitisation and technological advances are opening new possibilities for growth and productivity resulting in 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". India's BRICS chairship has focused on bolstering international cooperation across trade, digital technology, finance, energy security and global governance reform.

"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," said Jaishankar, adding that 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. He said the current scenario required 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," Jaishankar said.