SCO meet: Jaishankar takes veiled dig at China's BRI debt trap, exudes confidence in IMEC corridor

In a sharp dig at China's Belt and Road Initiative (BRI) debt trap, External Affairs Minister S Jaishankar said that "connectivity initiatives should always respect the sovereignty and territorial integrity of all countries." The Indian foreign minister made these remarksat the SCO Head of Government meeting in Kyrgyzstan on Wednesday (Oct 26).

EAM Jaishankar said, "India is keen to partner with Member States for sustainable, mutually beneficial and financially viable solutions. As we strive to improve trade within the region, we need robust connectivity and infrastructure. India has accorded utmost priority to these domains in its own developmental journey, at the same time connectivity initiatives should always respect the sovereignty and territorial integrity of all countries."

The minister also exuded confidence about the recently launched landmarkIndia-Middle East-Europe Economic Corridor (IMEC).

IMEC was launched on the sidelines of the G20 summit hosted by New Delhi and is touted to be a rival of China's BRI.China's white elephant projects in lesser economically advanced nations are often seen as expansionistic ambitions of Beijing and arewidely condemned.

Jaishankar said, "We should bear in mind that the Global South should not be saddled with unviable debt arising from opaque initiatives. I am confident that the India-Middle East-Europe Economic Corridor and the International North–South Transport Corridor could become enablers in bringing economic prosperity to the region."

The minister also highlighted the issue of a "broken supply chain" at the SCO meeting in Kyrgyzstan.

"Today when the world is facing challenges, looming economic recession, broken supply chains, food and energy insecurity this calls for closer cooperation with the SCO. In this context, the centrality of the interests of Central Asian States plays a key role,"said Jaishankar.

Hecalled for greater economic growth as the war rages on in West Asia.

The Indian foreign minister at the meet said that India, during itsG20 presidency, kept the aspirations of the Global South.

“India’s GDP growth forecast for FY 2023-24 is 6.3 per cent… Our total trade with SCO Members has shown massive growth, especially with Russia. It has grown in the last year, with all SCO Members, by 20 per cent…This has the potential to grow manifold,” the external affairs minister added.

EAM Jaishankar also wished success to Pakistan for taking over the chair of SCO Heads of Government for 2024.

(With inputs from agencies)