Speaking at The Economic Times World Leaders Forum 2025, External Affairs Minister S. Jaishankar addressed pressing issues concerning India's foreign policy and its relations with key global players. A central theme of his address was the firm commitment to safeguarding national interests, particularly those of farmers and small producers, in the face of evolving global dynamics.
Jaishankar directly addressed trade tensions with the United States, triggered by increased tariffs on Indian goods. He criticized the U.S. for what he termed "unjustified and unreasonable" tariffs, which have escalated after the U.S. administration raised duties in response to India's continued purchase of Russian oil. He stated firmly that India would not compromise on the interests of its farmers and small producers, who are the backbone of the Indian economy. He argued that the tariff issue was incorrectly framed as solely an "oil dispute". Jaishankar also pointed out the inconsistency in the U.S. approach, questioning why similar measures weren't applied to other major importers of Russian oil and LNG, such as China and the European Union.
Despite these trade-related challenges, Jaishankar maintained that dialogue with the U.S. is ongoing. He acknowledged the differences in opinion but emphasized that lines of communication remain open. "We are two big countries, as I say, the lines are not cut, people are talking to each other, and we will see where it goes," he stated.
Jaishankar defended India's policy of strategic autonomy, asserting the country's right to make independent decisions in its national interest. He recalled the global concern in 2022 when oil prices surged due to the Russia-Ukraine conflict. At that time, he noted, there was an understanding that India's purchase of Russian oil would help stabilize prices. He stated that these purchases served both India's national interest and the global interest.
Furthermore, Jaishankar conveyed that India does not accept mediation in its relationship with Pakistan, highlighting a national consensus on this matter spanning over five decades. His remark followed claims by the U.S. President regarding his role in de-escalating India-Pakistan military tensions in May.
The External Affairs Minister's address also touched upon his recent visit to Russia, where he met with President Vladimir Putin and other high-ranking officials. Discussions covered a range of topics, including terrorism, the conflict in Ukraine, and regional developments in West Asia and Afghanistan. He also co-chaired the 26th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
In conclusion, Jaishankar's address at the ET World Leaders Forum 2025 underscored India's commitment to protecting its national interests amidst a complex and evolving global landscape. He articulated India's concerns regarding trade imbalances and discriminatory practices, while reaffirming its dedication to independent decision-making and peaceful resolution of disputes. The forum serves as a platform where global leaders, top MNC CEOs, influential thought leaders and policymakers come together to exchange ideas and collaborate for progress.
