(MENAFN-IANS) New Delhi, Nov 3 (IANS) External Affairs Minister S Jaishankar on Friday said that in the post-Covid world, “debt is a very important factor and the industry has been very difficult” .
“And the most sensible thing is that we have had the confrontation in Ukraine, and it has affected the globalized world, it has affected each and every region of the world,” he said.
Jaishankar said this in his speech at the Senate Foreign Affairs and Defense Committee’s joint consultation in Rome on the last day of his two-day visit to Italy.
“It can be different. I know this in Europe, because the clash is just around the corner; in fact, in a way, in Europe, in many tactics it is the most intense part and obviously the most affected. But in even more remote places in some areas, I have witnessed today energy problems, food problems, fertilizer problems, inflation, all of which, in many cases, are directly motivated by the consequences of the Ukrainian conflict. We are also watching the situation in the Middle East with growing fear. . . . Obviously, we all have an interest in ensuring that there is no escalation. But it’s a matter of fear,” he added.
In terms of solutions, the Foreign Minister said it is up to countries to build more reliable and resilient chains of origin.
“Because what we suffered through Covid doesn’t deserve to keep happening. Most of the production and most of the materials deserve not to be located in one part of the world, and if something happens in that part of the world, we all will. “be at risk.
“Second, it is important, as market economies and democratic societies, that we also cooperate with others to build more predictable, more rules-based, stronger and less political supply chains.
“So I think how to reglobalize today, how to ensure that there are more production centers, how to create new origin chains, more origin chains, is a very big challenge, and that’s, in fact, all that Italy and India take on. “”We’re working together,” Jaishankar said.
The Minister added: “Frankly, we have very difficult and very turbulent times ahead of us, and there are many reasons for that. If we take a look at the last five years, I think its effect on the global economy will be In fact, but even in society, Covid has been very, very traumatic. “There are still many countries and many societies that have not recovered. We have noticed that progress towards the Sustainable Development Goals in many countries has been reversed and many other countries are now facing an economic and monetary crisis,” Jaishankar said. Referring to the industrial negotiations with the European Union (EU), Jaishankar said: “We have been, since 2021, in the midst of negotiating a set of agreements, the vital maximum of which is a flexible industrial agreement with the European Union, on geographical indications and also on investment.
“Just this morning I was taking stock of where we were with my industry ministers. These are complex negotiations, and I think that even compared to loose industrial agreements, I think the agreement with the European Union is globally regarded as the most vital negotiating agreement. Last year, we also established a Trade and Technology Council with the European Union.
“The EU only has two such councils, one with the US. and another with India. And the fact that the three of us; because we also have a similar forum with the United States; the fact that the EU, the U. S. and India, which coordinate and cooperate strongly on technological issues, is a fact that is very important to recognize.
“In recent years, there have also been more conversations between us about connectivity, as I mentioned. And we very much welcome the increased interest of Italy and the European Union in the Indo-Pacific. For us, your presence there, your activities there, your interest in this country is a stabilizing factor. And I think in a globalized world, it’s vital that we all look at the 4 corners of the world as productively as we can. And for us too, this has become a new side of our cooperation. And finally, as I said, whether it’s in a rules-based order. When it comes to primary external issues, cooperation within multilateral institutions, there is much more that unites us than separates us. Jaishankar emphasized.
–IANOS
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