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Tariffs

India Calls for Global Economic Stability Amid US Tariff Policies

Strategic Insights

— 1 min read

India, represented by External Affairs Minister S Jaishankar, has emphasized the need for stabilizing the global economy and protecting the international trading system during a BRICS virtual summit. The meeting aimed to discuss the impact of US President Donald Trump's tariff policies on the global economy. Jaishankar urged member countries to focus on promoting sustainable trade and reforming multilateralism, while also addressing the effects of conflicts in Ukraine and West Asia on the Global South.

Key Takeaways:

  • S Jaishankar represented the Indian government at the BRICS virtual summit, where he emphasized the need for stabilizing the global economy.
  • Jaishankar highlighted the importance of protecting the international trading system based on an open, fair, and rules-based approach.
  • The Indian government has been levied a massive 50 percent tariff by the US, partly due to doing business with Russia amid its war with Ukraine.
  • Jaishankar urged BRICS member countries to promote trade that is sustainable and to address the impact of conflicts in Ukraine and West Asia on the Global South.
  • The foreign minister also called for reforming multilateralism and constructive approaches to promote trade.
  • Jaishankar's comments come against the backdrop of the US imposing tariffs on countries around the world, including a 50 percent tariff on India.

Statistics:

  • 50 percent: The tariff imposed by the US on India, partly for doing business with Russia amid its war with Ukraine.
  • 5: The original five member nations of the BRICS grouping: Brazil, Russia, India, China, and South Africa.
  • 7: The additional member countries that have joined the BRICS grouping since its inception: Egypt, Ethiopia, Iran, the United Arab Emirates, Indonesia, and Saudi Arabia.

Sources:

  • "India on Monday appealed to BRICS member countries to..." - DNA (Daily News & Analysis)
  • Quotations from EAM S Jaishankar - DNA (Daily News & Analysis)
  • "BRICS is an intergovernmental grouping of leading emerging economies." - DNA (Daily News & Analysis)
  • Copyright information: Diligent Media Corporation Ltd., DNA (Daily News & Analysis) All Rights Reserved. Distributed by Contify.com

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