New Delhi, 11 September (H.S.): External Affairs Minister S. Jaishankar said on Friday that the global political and economic order is currently passing through a period of turbulence, instability and complexity. Amid the economic impact of geopolitical conflicts, pandemics and climate-related disruptions, resilience has now become a central element of every country’s economic strategy. He said that in such circumstances, it is essential to strengthen the capacity to withstand economic shocks through innovation, sustainable development and robust international partnerships.

Addressing the BRICS Business Forum, Jaishankar said that rapid digitalisation and technological advances have opened up new opportunities for growth, productivity and economic expansion, but have also brought new risks. Countries, therefore, need to develop the ability to anticipate changing circumstances, adapt to them and respond effectively.

He said the role of BRICS becomes particularly significant in the prevailing circumstances. BRICS brings together economies with diverse resources, markets, capabilities and experiences on a common platform. It provides member countries with an avenue to exchange perspectives, develop concrete arrangements and explore new opportunities for economic cooperation.

The External Affairs Minister said that while cooperation among governments can create the necessary framework, it is the business community that gives it tangible economic substance. The business community is an important partner in translating the potential of BRICS into concrete outcomes. The BRICS Business Council and the BRICS Women’s Business Alliance are playing a significant role in connecting industry, entrepreneurs and business leadership with the BRICS process.

Jaishankar said supply-chain connectivity and trade facilitation are important priorities. At the same time, it is necessary to promote services, agriculture and agri-technology, digital services, micro, small and medium enterprises (MSMEs), startups and women-led enterprises. He said it should be made easier for businesses in BRICS countries to identify partners, gain access to markets and connect supply networks.

He said greater economic activity strengthens economic security and self-reliance. For this, reliable logistics systems, a predictable business environment, diversified trade relationships, and transparent trade and investment regimes are essential.

The External Affairs Minister said digital public infrastructure, artificial intelligence, financial technology and advanced manufacturing are creating significant opportunities. However, they also raise questions relating to access, standards, security and trust. Under India’s BRICS chairship, initiatives have been undertaken to connect BRICS startup and innovation hubs and promote innovation-driven entrepreneurship.

Jaishankar said the success of BRICS would be determined not merely by the breadth of its agenda, but by the partnerships it creates, the opportunities it generates and the concrete results it delivers. He urged the business forum to focus on practical issues and identify where business opportunities lie, what the challenges are, and how governments can help address them.

Hindusthan Samachar / Jun Sarkar