New Delhi: External Affairs Minister S Jaishankar has cautioned that the world is entering a prolonged and uncertain phase as the established global order undergoes profound transformation. Speaking in Mumbai at the Global Economic Cooperation conference, he described the current international environment as one of the most turbulent in recent memory, marked by instability, risk and unpredictability.
Jaishankar noted that traditional assumptions shaping global politics and economics are rapidly eroding. Strategic, political, economic and technological shifts are unfolding simultaneously, making global conditions increasingly complex. He warned that production systems and financial networks are being weaponised, export controls are tightening, and markets are experiencing sharp volatility. In this evolving scenario, he said, countries are prioritising risk mitigation and diversification across sectors.
Despite these challenges, Jaishankar asserted that India is engaging more intensively with global partners from a position of growing confidence. He pointed to a series of recently concluded trade agreements as evidence of India’s expanding economic influence. Among them is a significant trade pact with the United States, announced after discussions between Prime Minister Narendra Modi and US President Donald Trump, which led to a reduction in American tariffs on Indian goods from 50 per cent to 18 per cent.
Over the past year, India has also finalised trade agreements with the European Union, the United Kingdom, New Zealand and Oman, strengthening its global commercial footprint. Jaishankar emphasised that economic security will depend on stronger domestic capabilities supported by trusted international partnerships.
He further observed that geopolitics and security considerations are increasingly influencing economic and technological decisions, particularly in the age of artificial intelligence. The United States is pushing for rapid reindustrialisation, while China continues to expand its manufacturing and export strength. Rising technological rivalry, shifting energy trade patterns, contentious migration debates and heightened military risk-taking are reshaping global dynamics.
In this uncertain era, Jaishankar concluded, each nation will chart its own course based on its interests and strategic calculations.
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