External Affairs Minister S. Jaishankar has articulated a vision for a "new world order" that is not dominated by a few nations, emphasizing the importance of a fair and multipolar global landscape. Speaking at the BIMSTEC Traditional Music Festival, Jaishankar highlighted the role of cultural traditions in strengthening national identity and guiding national direction. His remarks come at a crucial juncture, with India navigating a complex web of global trade tensions, including concerns over potential US tariffs and pressures related to its oil trade with Russia.
Jaishankar's statement aligns with India's broader foreign policy objectives, which prioritize strategic autonomy and a multipolar world. This approach seeks to diversify partnerships and reduce reliance on any single power center. India has historically maintained strong ties with Russia, particularly in defense and energy. Despite increasing pressure from the United States and the European Union, India has asserted its right to pursue its national interests, including the continued procurement of discounted Russian oil.
The US, under President Trump, has expressed concerns over India's relationship with Russia, particularly regarding oil imports, with accusations that India is "financing Putin's war in Ukraine". Trump has threatened India with potential penalties and tariffs, adding strain to the India-US trade relationship. These tariffs, including a 25% duty on Indian goods, are projected to impact Indian exports and potentially slow GDP growth.
India has responded to these challenges by emphasizing its independent foreign policy and the importance of its "time-tested partnership" with Russia. Indian officials have stated that the country's relationships with various nations are assessed independently, based on their own merit, and not through the lens of other countries. India has also highlighted that its Russian oil imports help to avoid a global surge in prices, benefiting other nations as well.
The situation is further complicated by India's ongoing trade negotiations with the US, which aim to finalize a comprehensive trade agreement. However, Trump's decision to link India's Russia engagements to trade negotiations has added a layer of complexity. India has also been wary of opening up its agriculture and dairy sectors to foreign competition, which remains a sticking point in trade talks.
Despite these challenges, India remains committed to engaging with both the US and the Global South, seeking to maximize its options and promote its economic and technological growth. Jaishankar has acknowledged the "weaponization" of trade through tariffs and export controls, emphasizing the need for India to find trustworthy partners and stay on the "right side of the weapon" to mitigate risks.
In response to the US tariff threats, the Indian government is reportedly encouraging exporters to develop domestic brands and is considering measures to support smaller exporters. Prime Minister Modi has also urged citizens to support local products, echoing a call for self-reliance and national unity.
The current global landscape presents both challenges and opportunities for India. India's foreign policy is navigating a complex balance between maintaining strategic autonomy, pursuing its economic interests, and fostering a multipolar world order. As Jaishankar has articulated, India seeks a global order that is not dominated by a few, but one that is fair, representative, and respectful of the sovereignty and interests of all nations.
