‘US remains a critical economic and strategic partner for India’: Jaishankar

External Affairs Minister S Jaishankar said on Monday that the United States remains a critical economic and strategic partner for India and emphasised that New Delhi simultaneously has improved ties with China, Russia, Europe and the Gulf as part of a “multi-alignment” approach.

Speaking at the Kautilya Economic Conclave, Jaishankar said Washington is India’s principal strategic partner and a major economic, trade and defence partner.

“Where the US is concerned, it is one of our principal strategic partners. It is our largest economic account, it’s our biggest trade account, and it’s a very major critical defence partner...In an age of flux, how do you deal with the US? How do you deal with the rise of China? How do you respond to a much more stable traditional relationship with Russia? And how do you explore new possibilities with Europe, where we have concluded an FTA with Europe and the UK as well?” the external affairs minister said.

‘America deal can boost Indian economy,’ says Jaishankar

The External Affairs Minister also said that India’s proposed trade deal with the United States could provide a significant boost to the economy by expanding market access and deepening ties with one of the world’s largest and most lucrative markets.

Jaishankar described the India-US trade agreement under negotiation as a “big step with great possibilities”, alongside recently concluded trade agreements with the European Union, the UK and the European Free Trade Association (EFTA).

“These are big steps with great possibilities which would have a beneficial impact on the economy,” he said, adding that the agreements would also help bring greater balance to India’s trade relationships.

“We need to be very objective about where the problems are today in the trading system,” he said, adding that the US, as the world’s biggest economy and a major trading power, cannot be left out of any effort to reform the global trade system.

Jaishankar further added that India’s trade strategy should focus not merely on reducing bilateral deficits but on addressing market-access restrictions that contribute to those deficits.

The minister said that as per the “multi-alignment” approach, India seeks to advance multiple relationships based on their respective opportunities and challenges. “Every relationship is net-net a plus for us,” he said.

‘Can’t say US is to blame for all trade problems’

External Affairs Minister Jaishankar also cautioned against blaming Washington for all the problems facing global trade and said that several market distortions in the global trading system have emerged from sources other than the US and need to be assessed objectively.

“We can’t say US is to blame for all the trade problems,” Jaishankar said.

‘UN gridlocked, has become irrelevant in many cases’

Foreign minister S Jaishankar reiterated the call for reform in the United Nations, saying the global body has become irrelevant in many cases.

“Where the UN is concerned, I think it’s obvious to everybody by now that the UN is gridlocked. That if you look at the big issues of the day, whether you look at the conflict in the Gulf, whether you look at the conflict in Ukraine, whether you look at other issues in Africa, whether you look at COVID, actually, the United Nations has been largely irrelevant to the decision-making,” he said.

About the UN Security Council, he said, there is a widely held view that the Security Council no longer represents the entirety of the global interest.

The UN, he recalled, started with 51 members and now has grown almost four times.

“If you have grown four times and you want to keep the old board of management, it is not going to work. It is common sense,” he said.

“The UN has done a big service to the international community. Our job must be to fix the UN, not to work around the UN. But the UN itself has to help with that process,” he added.