Greater Self-Reliance Means Higher Economic Activity, Security for BRICS: Jaishankar

NEW DELHI, Sep 11 : External Affairs Minister S. Jaishankar on Friday called for deeper commercial integration among BRICS nations, saying greater economic activity and security would help the grouping achieve stronger self-reliance amid growing global uncertainties.

Addressing the opening session of the BRICS Business Forum in New Delhi, a day ahead of the BRICS Summit, Jaishankar said the bloc's 20th anniversary was being marked at a time of heightened geopolitical and economic strain.

“For BRICS particularly, higher economic activity and higher economic security mean greater self-reliance,” he said, stressing the need to strengthen the members' ability to “absorb shocks while remaining connected and competitive.”

Jaishankar said BRICS countries should make it easier for businesses to identify partners, access new markets and build stronger supply-chain networks. This, he said, would require reliable logistics, predictable business conditions, transparent trade and investment frameworks and diversified commercial relationships.

“That calls for genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships, and transparent trade and investment,” the External Affairs Minister said.

He noted that the global political and economic order was undergoing significant changes, with geopolitical conflicts, pandemics and climate-related disruptions reshaping economic activity.

“We meet at a time when the global political and economic order is under churn. Volatility, uncertainty, and complexity have become defining features of the world around us,” Jaishankar said.

At the same time, rapid digitisation and technological advances were creating new opportunities for growth, productivity and development, he said, adding that countries needed to strengthen their ability to anticipate and adapt to economic shocks.

Jaishankar also underlined the importance of energy security, saying BRICS nations needed energy systems capable of withstanding disruptions while pursuing transition pathways suited to their respective national circumstances.

India's BRICS chairship has focused on the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, priorities that Jaishankar said were particularly relevant to the current global environment.

The BRICS Business Forum, the grouping's key platform for private-sector engagement, brings together business leaders and policymakers to deliberate on trade, investment, finance, technology and sustainable economic development.

The BRICS Summit begins on Saturday, with leaders expected to discuss resilient supply chains, cross-border payments, greater use of national currencies, MSME development, digital trade and artificial intelligence.

Energy security, climate resilience, development finance, expansion of the New Development Bank and reforms of multilateral financial and political institutions are also expected to figure prominently during the summit.