External Affairs Minister S. Jaishankar on Friday voiced serious concerns about the increasing unpredictability in global political and economic affairs. Speaking at the India-Italy Business, Science and Technology Forum, he warned against the growing trend of economic activities being used as tools of geopolitical influence and stressed the importance of diversifying global partnerships.
Joined by Italian Deputy Prime Minister Antonio Tajani at the event, Jaishankar highlighted India’s active efforts to align with like-minded countries to build reliable and resilient economic alliances that serve both strategic and developmental objectives.
Supply chains fragile, manufacturing over-concentrated
“We meet today in a familiar global political and economic order, but one that is transforming, becoming more complex and unpredictable,” Jaishankar remarked. He emphasized the fragility of global supply chains and increasing disruptions in maritime shipping, especially in the wake of ongoing conflicts in Europe, the Middle East, and Asia.
“Even as we recover from the pandemic, multiple conflicts in Europe, Middle East and Asia, we must recognise that our supply chains are more fragile and our maritime shipping more disrupted,” he added.
The minister expressed concern over the “over-concentration of manufacturing” and the use of market dominance as a geopolitical tool. “Geopolitical competition has sharpened as market shares are leveraged and economic activities weaponised,” he said.
Digital shifts, trade barriers shaping new challenges
Jaishankar also underlined the challenges posed by rapid digitalisation and technological advancements, which are compounded by increasing trade barriers and export controls. These developments, he said, are making it harder for industries and governments to adapt.
“Countries across the world are understandably de-risking by building strong political and economic partnerships, by diversifying their manufacturing and trade partners, and by investing in innovation and research,” Jaishankar stated.
India strengthening global ties with trusted partners
Highlighting India’s proactive global outreach, the minister said the country has been actively building robust and trusted partnerships, especially with nations that share similar goals. “We are both witnessing these trends at home,” he noted.
He placed Italy high on India’s list of preferred partners. “For us, Italy ranks high in that list. In many sectors, there is a natural complementarity that we need to exploit,” Jaishankar said. “Whether it is energy or transport, food processing or light engineering, you have the technologies and best practices that make such collaboration fruitful.”
IMEEC corridor to redefine global economic connectivity
Jaishankar also spotlighted the proposed India-Middle East-Europe Economic Corridor (IMEEC), calling it a transformative global initiative. “The landmark initiative will create a truly new global axis for economies, energy resources and communications,” he said.
The IMEEC was initially conceptualised during the G20 Summit held in Delhi in 2023. Since then, it has evolved into a visionary plan that envisions a vast network of roads, railways, and shipping routes. Specifically, it aims to link India, Saudi Arabia, Europe, and the United States. Ultimately, the corridor seeks to enhance regional integration across Asia, the Middle East, and the West, thereby fostering deeper economic and strategic cooperation among participating nations.
