New Delhi

The BRICS must work towards addressing economic challenges by ensuring transparent trade and investment practices, External Affairs Minister S Jaishankar said on Friday.

Addressing the BRICS Business Forum, he also spoke about geopolitical upheavals and underlined the need for concerted efforts to address supply chain disruptions, genuine market practices, dependable logistics, predictable business environment, diversified commercial relationships, and transparent trade and investment.

"The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships," he said.

"For BRICS particularly, higher economic activity and higher economic security mean greater self-reliance. The objective is to strengthen our ability to absorb shocks while remaining connected and competitive," he said.

Jaishankar said the situation calls for genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships, and transparent trade and investment.

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"It also calls for energy systems capable of coping with disruption and transition pathways that are suited to different national circumstances," he said.

India is hosting the BRICS Summit on Saturday and Sunday in New Delhi.