Countries of the world should understand the global impact of their decisions, not be limited to their own interests: Jaishankar
New Delhi. Amidst the ongoing conflicts in the world, Foreign Minister Dr. S. Jaishankar has advocated the interests of countries in the global south, saying that countries should understand the broader global impact of their decisions. Policymakers have a responsibility to assess what impact their decisions will have on the economies of other countries, particularly those in the Global South. He said the difficulties arising from a decision cannot be ignored simply by saying ‘it was not the intention’.
Speaking at an event organized by the Asia Society in New York on Monday, Jaishankar said that Ukraine and the Iran-Gulf conflict have had a serious impact on the economies of the Global South. Its biggest impact has been on the energy sector. The oil market is already under pressure and the situation becomes more complicated when energy supply politics get involved. This increases pressure on prices, whereas at this time the market needs stability.
He said that there is a situation of disruption in the supply of major grain exporters from the Black Sea region. Major fertilizer producers in Russia and the Middle East have been hit by the conflict. Due to this, there is a possibility of increasing shortage of fertilizers. Apart from this, El Nino conditions can also increase the food crisis.
Jaishankar said that countries cannot keep in mind only their interests and circumstances while taking their decisions. They also have to consider the situation in other countries and the possible consequences of their decisions. He said that no country can be so self-centred that it takes decisions in its own world and later says that its intention was not to create problems for others.
Jaishankar said that the security of oil supply and the politics related to it are influencing each other. This is making the crisis more serious. Its impact is not limited to energy only. Food and fertilizer supplies are also being affected. He said conflicts also impact the financial sector. At such times, capital moves towards safer markets and out of the Global South. This increases economic pressure on these countries.