Jaishankar pointed out the “world takes business decisions factoring national security, especially in the digital era."
New Delhi: External affairs minister S. Jaishankar on Wednesday said India is involved in three big and important trade negotiations -- with the European Union, the United Kingdom and the United States. Speaking during a panel discussion at the Raisina Dialogue conference here, the minister said, “These are growth markets, these are our technology partners. This is where people go for education and tourism. These are our connectivity and strategic partners. It’s no longer just efficiency and cost.” He indicated that these FTAs are important as these are countries and regions that India can trust.
In an oblique reference to China without naming it, Jaishankar pointed out that it was important for India to see where its data was going and who is developing Artificial Intelligence (AI) based on that data. “All countries are not the same… At the end of the day, it does matter where our data goes and who is processing it, who is developing the AI based on our data. We can’t be agnostic in the digital era. That is why some of these FTAs matter so much,” Jaishankar said.
He further said that in the past decade, the world has seen “much greater weaponisation of economic activity… financial flows, energy supplies, technology” and that “we have to negotiate our way through that”.
He added, “You are fighting for your comprehensive national power, of which business is an important component. There are different ways of dealing with weaponisation -- to stay on the right side of the weapon so that you don’t get hit and others do.”
Jaishankar pointed out the “world takes business decisions factoring national security, especially in the digital era”. He mentioned “resilience, reliability, trust and transparency” as important factors and said nations want to do business with those with whom they are “secure”.
He added, “You would rather take risks with those with whom your interests are not contradictory.” Pointing out that countries “need a macro-business strategy”, the EAM said that there are non-economic factors that increasingly influence business decisions. On the power wielded by some global private companies, the EAM quipped: “The market cap of many companies today will probably entitle them to be part of the G-20.”
Observers point out that free trade pact talks with the United States comes amid the decision of US President Donald Trump to levy reciprocal tariffs on various nations, including India, next month from April 2. Both India and the US had agreed last month that their bilateral free trade pact talks should conclude and culminate in an agreement by autumn this year.
