Lagatar24 Desk
New Delhi: External Affairs Minister S. Jaishankar raised concerns over the increasing weaponisation of trade, tariffs, and export controls, emphasizing the need for India to seek trustworthy and transparent trade partners. Speaking at the Raisina Dialogue, India’s premier geopolitical conference, Jaishankar highlighted the global shift in business decisions, where national security plays a crucial role in economic partnerships.
Trade and National Security Interlinked
Without directly naming the US, Jaishankar’s remarks came against the backdrop of President Donald Trump’s warning of reciprocal tariffs from April 2. He stated that global trade is now shaped by sanctions, tariffs, and export restrictions, requiring nations to navigate financial and technological disruptions strategically.
“Countries today factor in resilience, reliability, trust, and transparency while making trade decisions. It’s not just about cost anymore, but about comfort and trust,” he said, pointing out that India must secure trade relations with partners that minimize risks.
India’s Trade Focus: US, UK, and EU
India is actively negotiating trade deals with key markets, including the United States, the European Union (EU), and the United Kingdom, viewing them as vital partners for technology, connectivity, and economic growth. Jaishankar stressed that non-economic factors, such as digital security and AI regulation, now play a significant role in trade agreements.
“In the digital age, data security is crucial. We must regulate how our data is processed and who controls AI based on our information. We cannot afford to be indifferent about our digital assets,” he warned.
A Strategic Shift in Global Trade
Jaishankar underscored India’s need to maximize opportunities in the evolving world order, engage with the Global South, and strengthen technology-driven industries. He refrained from commenting directly on the Trump administration’s policies but stated, “If your question is about what the US is doing, you should ask the Americans.”
Global Business Leaders Weigh In
Joel Kaplan, Chief Global Affairs Officer at Meta, noted that the Trump administration is pushing for American technological dominance while resisting regulatory challenges from the EU.
Pierroberto Folgiero, CEO of Italian shipbuilding giant Fincantieri, emphasized the need for Western economies to reclaim the shipbuilding sector, which China and South Korea currently dominate. He added that India, with its advanced engineering and manufacturing capabilities, could play a key role in balancing this global shift.
Meanwhile, Marianne Demarchi, CEO for Swift’s Europe, Middle East, and Africa operations, highlighted concerns about digital payment fragmentation and the risks of non-interoperable central bank digital currencies, which could disrupt the global financial system.
