New Delhi: India on Monday flagged serious concerns over increasingly “constricted” energy trade, selective application of norms and market access issues, in remarks that came against the backdrop of its frosty ties with the US over its procurement of Russian crude oil.
In an address at the East Asia Summit in Kuala Lumpur, External Affairs Minister S Jaishankar also said that the world must adopt a policy of “zero tolerance” towards terrorism as the right of defence against the menace can never be compromised.
However, what drew attention was his comments relating to energy trade, market access and supply chains.
“There are growing concerns about the reliability of supply chains and access to markets. Technology advancement has become very competitive; the quest for natural resources even more so,” he said.
“Energy trade is increasingly constricted, with resulting market distortions. Principles are applied selectively and what is preached is not necessarily practised,” he said.
Jaishankar’s remarks came amid a sharp downturn in India-US ties over the Trump administration’s slapping of 50 per cent tariffs on Indian goods, including a 25 per cent levies for New Delhi’s procurement of Russian oil.
India’s purchase of Russian oil has become a thorny issue in ties between New Delhi and Washington, with many American officials alleging that it is fueling Moscow’s war machine against Ukraine.
In his address, Jaishankar noted that change has a life of its own and the world will inevitably respond to new circumstances.
“Adjustments will be made, calculations will come into play, fresh understandings will be forged, new opportunities will emerge and resilient solutions will be devised,” he said.
“At the end of the day, the realities of technology, of competitiveness, of market size, digitisation, connectivity, of talent and of mobility cannot be ignored. Multipolarity is not just here to stay but to grow. All these warrant serious global conversations.”
The external affairs minister also talked about the impact of ongoing conflicts on food security, energy flows and trade.
“We are also witnessing conflicts that have significant repercussions, near and far. Deep human suffering apart, they undermine food security, they threaten energy flows and they disrupt trade,” he said.
Jaishankar said India welcomes the Gaza peace plan and it also seeks an early end to the conflict in Ukraine.
“Meanwhile, terrorism poses a continuous and corrosive threat. The world must display zero tolerance; there is no room for ambivalence. Our right of defence against terrorism can never be compromised,” he said.
The external affairs minister said India fully supports the activities of the East Asia Summit (EAS) and its future directions.
“Our commitment to furthering maritime cooperation remains strong, in line with the ASEAN Outlook on the Indo-Pacific and our shared commitment to the 1982 UNCLOS (UN Convention on the Law of the Sea),” he said.
Jaishankar said 2026 will be observed as the ASEAN-India year of maritime cooperation.
“Notably, more nations have joined the Indo-Pacific Oceans Initiative,” he said.
At the East Asia Summit in Bangkok in 2019, Prime Minister Narendra Modi proposed the setting up of the Indo-Pacific Oceans Initiative (IPOI) to conserve and sustainably use the maritime domain and to make meaningful efforts to create a safe and secure maritime domain.
Apart from the ASEAN (Association of Southeast Asian Nations) member states, the East Asia Summit includes India, China, Japan, the Republic of Korea, Australia, New Zealand, the United States and Russia.
“We wish to propose an EAS Maritime Heritage Festival to be held in the ancient port of Lothal in Gujarat. We also intend to host the seventh EAS Conference on Maritime Security Cooperation,” Jaishankar said.
The external affairs minister also shared concern about cyber scam centres in the region that he said have also entrapped Indian nationals.
“India values the EAS’ contribution to peace, progress and prosperity,” he said.
