Constricted energy trade resulting in market distortions: Jaishankar at EAS

Noting that there are growing concerns about the reliability of supply chains and access to markets, External Affairs Minister (EAM) S Jaishankar on Monday said energy trade is increasingly constricted as principles are applied selectively and what is preached is not necessarily practiced. This, he said, resulted in market distortions.

Delivering India’s national statement at the 20th East Asia Summit (EAS) in Malaysia’s Kuala Lumpur, Jaishankar said, “We meet in complicated times. There are growing concerns about the reliability of supply chains and access to markets. Technology advancement has become very competitive; the quest for natural resources even more so.”

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“But change has a life of its own. And the world will inevitably respond to new circumstances. Adjustments will be made, calculations will come into play, fresh understandings will be forged, new opportunities will emerge and resilient solutions will be devised,” he added.

“At the end of the day, the realities of technology, of competitiveness, of market size, digitization, connectivity, of talent and of mobility cannot be ignored. Multipolarity is not just here to stay but to grow. All these warrant serious global conversations,” Jaishankar said.

The External Affairs Minister’s remarks at the summit came amid growing concern across the world over the high tariffs imposed by the US.

Jaishankar called for an early end to the conflict in Ukraine and welcomed the Gaza peace plan. “We are also witnessing conflicts that have significant repercussions, near and far. Deep human suffering apart, they undermine food security, they threaten energy flows and they disrupt trade. India, therefore, welcomes the Gaza peace plan. We also seek an early end to the conflict in Ukraine,” the external affairs minister said.

Calling for zero-tolerance towards terrorism, he said, “Terrorism poses a continuous and corrosive threat. The world must display zero tolerance; there is no room for ambivalence. Our right of defence against terrorism can never be compromised.”

Reiterating India’s support to the activities of the EAS and its future directions, Jaishankar cited the EAS knowledge exchange workshop on energy efficiency policies and a conclave of higher educational institutions hosted by India recently. “India values EAS’ contribution to peace, progress and prosperity. We look forward to the positive outcomes of this Summit,” he said.