External Affairs Minister Dr. S Jaishankar delivered a powerful message at the Shanghai Cooperation Organization (SCO) Summit in Astana, Kazakhstan, highlighting the pressing need to de-risk and diversify the global economic system. The veteran diplomat articulated India's clear stance on addressing contemporary economic challenges through comprehensive reforms.
India's Vision for Global Economic Resilience
During his significant address on July 4, 2024, Dr. Jaishankar emphasized that the current global economic situation creates an urgent requirement for de-risking and diversification. He pointed out that the world cannot afford to maintain business-as-usual approaches when facing unprecedented economic uncertainties and supply chain vulnerabilities.
The External Affairs Minister elaborated that three key global changes are significantly impacting the international community. These transformations are reshaping how nations interact economically and politically, necessitating adaptive strategies and collaborative solutions among SCO member states and the broader international community.
Multilateral System Reforms and Economic Priorities
Dr. Jaishankar strongly advocated for comprehensive reforms in the multilateral system, stressing that existing international institutions need modernization to effectively address contemporary challenges. He highlighted that the global architecture created decades ago requires updating to reflect current economic realities and geopolitical dynamics.
The minister outlined several critical areas where immediate action is needed. These include creating more resilient supply chains, reducing economic dependencies on single sources, and promoting diversified economic partnerships. His remarks came during the extended format meeting of the SCO Council of Heads of State, where leaders from member countries gathered to discuss regional cooperation and global issues.
Broader Implications for International Cooperation
The SCO Summit in Astana saw participation from prominent global leaders, including Russian President Vladimir Putin, Chinese President Xi Jinping, and Pakistani Prime Minister Shehbaz Sharif. The gathering provided an important platform for discussing regional security, economic cooperation, and developmental initiatives.
Dr. Jaishankar's emphasis on economic de-risking aligns with India's broader foreign policy objectives of promoting stability and sustainable development. His address reinforced India's commitment to shaping global economic governance while protecting national interests and contributing to international economic stability.
The minister's participation in the summit also included bilateral meetings with several counterparts, where he discussed implementing practical measures for economic resilience. These discussions focused on creating concrete mechanisms for supply chain diversification and reducing economic vulnerabilities in the region.
India's proactive stance at the SCO Summit demonstrates its growing leadership role in shaping global economic discourse. The call for de-risking comes at a crucial time when many nations are reevaluating their economic strategies in response to recent global disruptions and changing geopolitical landscapes.
