Trade turbulence in global order will continue: Jaishankar

Pune: External affairs minister S Jaishankar on Thursday said several countries have faced uncertainty with respect to trade and technology in this decade so far and this trend is expected to continue as nations will try to secure their interests by controlling supply chains of crucial resources and harnessing technology.At a time like this, India will continue to foster trade, mobility, production, services, technology skills and talent partnerships, he said. Similarly, it will forge partnerships in critical minerals, supply chains, migration and mobility, and advanced manufacturing with key international players, the minister said.
"India has dealt with its challenges through nimble, grounded and practical policies at home. These have been mirrored by a more confident and virtually beneficial approach to global negotiations" Jaishankar said at the Asia Economic Dialogue through a video message. The three-day conference held in Pune is organised by think tank Pune International Centre and it will discuss trends around global trade and new globalisation. Jaishankar said several countries are cornering critical resources to secure their supply chains in sectors such as artificial intelligence and semiconductors. "Artificial intelligence, semiconductors, data and critical minerals are no longer viewed only as drivers of growth. They are also instruments of national power," he said. "There has been a gaming of the world trading system. Connectivity has been purposed for national advantage. Rules have been cited and observed selectively. And market shares have been leveraged for non-economic purposes," the minister said.Govts are taking economic decisions based more on considerations of politics and security and re-industrialisation is envisaged as a compelling strategic requirement, Jaishankar said and added that countries are accordingly deploying technologies, capabilities and resources to meet these goals.Bharat Biotech seeks tax holiday for 5 yearsKrishna Ella, executive chairman of Bharat Biotech, the Hyderabad-based firm that developed Covaxin during the pandemic, said the govt should stop freebies and instead offer a tax holiday to the industry for five years so that Indian companies can compete globally. "I think in five years we can sweep the entire African and Latin American markets. Every state govt is giving freebies. You give incentives to the industry. We can beat the world. But that strategy has to come at a political level," he said while speaking at the event.