NEW DELHI: Allaying apprehensions about the likely impact of the incoming Trump administration on business ties, external affairs minister S Jaishankar said Monday that while there will always be some give and take between major economies, strategic convergences between the two countries have grown deeper creating an environment for further intensifying cooperation.
The minister said that the advent of the second Trump administration is a major consideration in business circles and the only safe prediction, he added, is a degree of unpredictability.
“Different countries have had their own experiences from the first administration and would presumably draw from that to approach the second. Where India is concerned, I can state with confidence that the strategic convergences with the United States have only grown deeper with time. They have created a larger environment in which more collaborative possibilities can be explored,” said the minister, speaking at the CII partnership summit.
“Naturally, between two major economies, there will always be some give and take. When we look at economic or technology domains, the case for trusted and reliable partnerships have actually increased in recent years,” he added.
According to the minister, a lot of what lies ahead would be in fashioning terms of engagement that are perceived as mutually beneficial. “And in that regard, the more that India can bring to the table, the stronger our appeal,” he said.
Without naming China, Jaishankar reiterated India’s position that national security filters must be followed when it comes to economic decisions, including those of investment. “This is the trend the world over and we would ignore it at our own peril,” he said, adding the world is in an era of leveraging, if not of weaponization.
While mentioning the US-China friction and the Ukraine conflict, the minister said that the Global South is also feeling the brunt of inflation, debt, currency shortages and trade volatility. “In short, the world looks a tough place. And tough situations call for more friends and partners,” he said.
While speaking about the changes witnessed in the neighbourhood recently, Jaishankar said economies and societies are more closely linked than ever before and departure from natural collaboration has a cost.
“During periods of stress – Covid, Ukraine aftermath or financial difficulties – we have stood together to our collective benefit. At times, currents of politics may seek to distance, or even disrupt. Obviously, challenges like terrorism cannot be overlooked. But the truth is that otherwise, departures from natural collaboration do have a cost. Their viability is also a related issue. On the whole, that realisation is now more deeply felt,” he said.