External Affairs Minister S. Jaishankar on Monday underscored the critical need for maintaining and strengthening stability in the global economy, stating that in the current volatile international environment, major economies like India and China bear a special responsibility.

In his opening remarks during a meeting with Chinese Foreign Minister Wang Yi, Jaishankar emphasised that India seeks a fair, balanced, and multi-polar world order, including a multi-polar Asia. He further reiterated that reformed multilateralism is the call of the day, while also stressing that combatting terrorism in all its forms remains one of India’s foremost priorities.

The meeting took place against the backdrop of heightened global turbulence, with multiple factors driving instability. These include persisting efforts to resolve the Ukraine conflict along with new trade shocks from US President Donald Trump’s decision to impose steep tariffs.

The Trump administration recently announced a 50 percent tariff on Indian goods in addition to a 25 percent tariff on imports of Russian oil, while simultaneously extending tariff suspension for Chinese imports for another 90 days. It is under such shifting dynamics that Jaishankar observed the imperative of India and China working together in the global interest.

Speaking of the bilateral dimension, Jaishankar noted that Wang Yi’s visit provides both sides with an opportunity to review ties and exchange candid views on issues of mutual concern. He welcomed the Chinese delegation to India for the 24th round of Special Representative-level talks on the boundary question, affirming that both sides should be guided by “the three mutuals—mutual respect, mutual sensitivity, and mutual interest.”

Stressing the need for constructive engagement, he said that while India and China may have differences, those differences should not be allowed to turn into disputes, nor should competition be allowed to descend into conflict.

Jaishankar underlined that after a difficult phase in bilateral ties, both countries must now endeavour to move ahead positively. He said the basis for building positive momentum rests on jointly maintaining peace and tranquillity along the border areas, while also ensuring that the ongoing de-escalation process moves forward in a sustainable manner. He added that this is essential for both stability in the relationship as well as the wider Asian region.

Discussions between the two leaders covered a wide range of subjects, including economic and trade relations, connectivity projects, border trade, pilgrimage and people-to-people interactions, exchange of river data, and other areas of practical engagement. Jaishankar expressed hope that such talks would contribute to forging a stable, cooperative, and forward-looking relationship that effectively serves the core interests of both nations while addressing each side’s strategic concerns.

The visit by the Chinese Foreign Minister is also taking place just ahead of the Shanghai Cooperation Organisation (SCO) Summit, which China is preparing to host in Tianjin at the end of the month. Jaishankar conveyed India’s good wishes for the Chinese Presidency of the grouping, expressing confidence in a successful outcome at the summit. For his part, Wang Yi will also hold talks with India’s National Security Adviser Ajit Doval on Tuesday as part of boundary discussions, a process seen as critical in managing differences and preventing escalation.

Meanwhile, China’s Foreign Ministry has expressed that Wang Yi’s trip represents an opportunity to deepen cooperation with New Delhi. Chinese spokesperson Mao Ning stated that Beijing is willing to take this visit and the upcoming boundary talks as a chance to consolidate high-level exchanges, enhance political mutual trust, and appropriately manage differences. She added that China remains committed to implementing the consensus reached by the leadership of the two countries and to promoting the long-term, healthy, and stable growth of bilateral ties.

Wang Yi’s visit also precedes Prime Minister Narendra Modi’s anticipated trip to Tianjin from August 31 to September 1 for the SCO summit, where India and China are expected to hold further high-level engagements. Both sides today struck a note of cautious optimism about rebuilding stability in bilateral ties amid one of the most uncertain global geopolitical and economic environments in recent years.

Based On ANI Report