India Must Overcome Obstacles To Defend Its Commercial Interests Amid The Situation In Ukraine: Jaishankar

India must work to protect its customers from the sharp increase in oil prices following the situation in Ukraine while also safeguarding its economic interests, External Affairs Minister S. Jaishankar. On Saturday, Jaishankar said in a speech to the Indian community here as he started the first leg of his three-nation tour of Latin America that it is concerning how the Ukraine issue has affected India’s energy security.

He defended India’s decision to purchase discounted Russian oil by saying, “We have a challenge, which is that we have to ensure through diplomacy, through dealings with various governments that our economic interests are well protected and the Indian consumer is shielded to the extent possible from this enormous jump in oil prices.”

The minister observed that because of globalisation, when anything happens in one part of the world, it affects everyone else as well. In order to meet India’s national interests in terms of energy, there has been a very strong level of commitment, he continued.

Since Moscow’s deployment of soldiers into Ukraine on February 24, the US and European nations have placed severe sanctions on Russia.

Despite condemnation from the west, India increased its oil purchases from Russia following the Ukraine war and still conducts business with Moscow.

Jaishankar has frequently justified India’s choice to purchase Russian oil at a reduced price in the midst of Moscow’s protracted conflict with Ukraine, claiming that many of India’s suppliers have switched over to Europe, which is purchasing less oil from Russia.

Gas costs and oil prices are both “unreasonably high.” He claimed last week in Bangkok that many long-time suppliers to Asia are switching to Europe as a result of Europe purchasing less oil from Russia.

“Our feeling of collaboration is how we may aid one another in order to support one another as we individually ascend in the world order. This is the perspective from which we are examining the connection “said he.

Jaishankar, strong feelings, a lot of goodwill, and growing cooperation characterise India-Brazil relations.

Politically, he claimed, the two nations had improved upon long-standing positive connections.

He claimed that when Brazilian President Jair Messias Bolsonaro visited India in 2020, the two countries’ ties were even stronger.

Brazil is an important partner for India, but it is also a nation from which India can learn a lot. Brazil has experiences and best practises that India may learn from, he said.

He emphasised the need of strengthening economic connections, noting that India’s trade balance with Latin America as a whole is little under USD 50 million. New Delhi’s goal is to quadruple this balance to USD 100 million.

He stated that Brazil’s immediate goal is to attain a level of USD 15 billion. The message he was conveying during this tour was that “we need to dream bigger,” he remarked.

“It’s been a terrific year, and our trade is increasing. It is evident that as you progress, new vistas will appear “He remarked, encouraging further investments and expanding the presence of Indian businesses in Brazil.

Jaishankar emphasised the requirement for more cooperation in the fossil fuel industry, particularly with regard to ethanol.

“There is a lengthy ethanol narrative. We are the third-largest producer of ethanol. If the second and third largest producers of ethanol band together and promote its benefits, there is a natural synergy with Brazil that may make ethanol a lot more universal product.”

He stated that there has been an increase in trade and collaborative ventures between the two nations in the area of defence cooperation.

Additionally, he asked for increased cooperation in traditional medicine, animal husbandry, and space technology.

“The WHO has announced the opening of its first worldwide centre for traditional medicine in Jamnagar, Gujarat. Brazil is a perfect partner for us to become a global powerhouse for traditional medicine, “He spoke

He also expressed gratitude to the Indian community for acting as a strong link between Brazil and India.