New Delhi [India], September 8 (ANI): External Affairs Minister S Jaishankar on Monday called for promoting fair economic practices, noting that the world requires constructive and cooperative approaches to promote trade that is sustainable and that increasing barriers and complicating transactions will not help. He called for deeper economic cooperation among BRICS nations.

Addressing a virtual leaders' summit of the grouping, Jaishankar said that the world is seeking a stable and predictable environment for trade and investment flows and the objective of BRICS nations must be to 'proof it against shocks' while building more 'resilient, reliable, and shorter supply chains.'

Some of India's biggest trade deficits are with BRICS members, said the External Affairs Minister, who represented Prime Minister Narendra Modi at the summit.

He said 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. India strongly believes that this should be protected and nurtured, he noted.

Stating that trade patterns and market access have become prominent issues in the global economic discourse, Jaishankar pointed out the need for 'constructive and cooperative approaches' to promote trade that is sustainable.

Economic practices must be fair and transparent in the global order and must benefit everyone, he stated.

'Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters. The BRICS itself 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've been pressing for expeditious solutions. We hope that this realization will be part of the takeaways from today's meeting,' he said.

The virtual summit comes amid steep tariffs by the US Donald Trump administration on countries including Brazil and India, both part of the Global South and the BRICS grouping.

The Foreign Minister flagged conflicts in Ukraine and West Asia, and volatility in trade and investment flows, among other major global developments, which he said were a cause of concern, particularly for the BRICS grouping of nations. He emphasized that the grouping must focus its attention on stabilizing the multilateral system, which 'appears to be failing the world'.

Jaishankar conveyed greetings on behalf of Prime Minister Narendra Modi to the participating members of the BRICS summit, convened by its current chair, Brazilian President Luiz Inacio Lula da Silva.

He further listed the devastating impact of the COVID-19 pandemic, extreme climate events, and a discernible slowing down of the United Nations SDG agenda among other challenges faced by countries.

'In the face of these challenges, the multilateral system appears to be failing the world. That so many serious stresses are being left unaddressed is understandably having consequences for the global order itself. It is this cumulative concern that BRICS is now discussing,' Jaishankar said.

He said BRICS members represent a broad diversity of societies who are nevertheless deeply affected by the global developments.

'Even in the past, our endeavour has been to find common ground between our respective national policies and to act on that basis. Today, the focus is on stabilizing the international economy and the world order. But it is equally essential that we turn our attention to ongoing conflicts, not least because they have direct developmental and supply chain implications.'

Jaishankar said the working of international organizations in the last few years has witnessed major shortfalls in many areas.

'On key issues, we have unfortunately seen that gridlocks have undermined the search for common ground. These experiences have only made the case for reformed multilateralism generally, and that of the United Nations and its Security Council specifically, more urgent. The BRICS have taken a positive view of this need for reform and we expect that it would collectively become a strong voice for much awaited change.'

Ahead of the upcoming UNGA conference, Jaishankar said that it is appropriate for member countries--Brazil, Russia, India, China--to have an 'exchange of views on reforming multilateralism.'

'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 and 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 democratize manufacturing and production and encourage growth in different geographies. Progress in that regard will contribute to regional self-sufficiency and relieve anxieties at times of uncertainties,' he said.

'Increasing barriers and complicating transactions will not help. Neither would the linking of trade measures to non-trade matters. The BRICS itself 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've been pressing for expeditious solutions. We hope that this realization will be part of the takeaways from today's meeting,' he added.

The world today also seeks an urgent resolution of ongoing conflicts, he said, adding that the Global South has experienced a deterioration in its food, energy, and fertilizer security.

'When shipping is targeted, not just trade, but livelihoods also suffer. A selective protection cannot be a global answer. An early end to the hostilities and undertaking diplomacy to ensure a durable solution is the obvious pathway,' he said. (ANI)