Int'l trade based on transparent, open, fair approach: India

The 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, external affairs minister S Jaishankar pointed out on Monday while addressing the virtual BRICS summit (organised by Brazil) in a subtle reference to the US trade policies.

"The world as a collective is seeking a stable and predictable environment for trade and investment. At the same time, 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," Jaishankar said.

In an indirect reference to India's trade deficits with China and Russia, the foreign minister said, "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."


Calling for UN reforms that were among key goals of BRICS, he said, "The working of international organisations in the last few years has witnessed major shortfalls in many areas."