Global South Shouldn't Be Saddled With Unviable Debt Due To Opaque Initiatives: Jaishankar At SCO Meet

EAM Jaishankar said commonality of interests among central Asian countries could play a key role in bringing them together amid fears of a "looming economic recession".

New Delhi: In a veiled jab at China over the debt issues arising out of the Belt and Road initiative, External Affairs Minister S Jaishankar on Thursday called for closer cooperation between the SCO member countries at a time when the world was saddled with economic challenges.

Addressing the SCO Heads of State meeting at Bishkek in Kyrghyztan on Thursday, the External Affairs Minister said the commonality of interests among the central Asian countries could play a key role in bringing them together amid fears of a "looming economic recession, broken supply chains and food and energy insecurity".

"Today when the world is facing challenges, looming economic recession, broken supply chains, food and energy insecurity this calls for closer cooperation with the SCO. In this context, the centrality of the interests of Central Asian States plays a key role,” news agency ANI quoted EAM Jaishankar as saying.

Citing World Bank data, the foreign affairs minister said the Indian economy had demonstrated remarkable resilience even in the face of the emerging challenges and fiscal distress elsewhere.

"According to World Bank's latest update, India continues to show resilience against the backdrop of a challenging global environment. India's GDP growth forecast for FY 2023-24 is 6.3%. Our total trade with SCO members has shown massive growth, especially with Russia. It has grown in the last year with all SCO members", the EAM said, adding it still has the "potential to grow manifold".

In a veiled reference to the Belt and Road initiative, which is reportedly  struggling to sustain itself, EAM Jaishankar said the SCO member-states should be careful not to allow the Global South to be saddled with economic challenges "arising out of opaque initiatives".

"I am confident that the India-Middle East-Europe Economic Corridor and the International North–South Transport Corridor could become enablers in bringing economic prosperity to the region," the minister said.

The External Affairs Minister added that New Delhi was ready and willing to partner with the member-states for "sustainable, mutually beneficial and financially viable solutions".

"As we strive to improve trade within the region, we need robust connectivity and infrastructure. India has accorded utmost priority to these domains in its own developmental journey, at the same time connectivity initiatives should always respect the sovereignty and territorial integrity of all countries," he added.