Need to support MSMEs, ensure livelihoods are not lost: Jaishankar

To tide over the economic distress caused due to the coronavirus-induced lockdown globally, External Affairs Minister S Jaishankar on Tuesday stressed on the need to provide support to businesses, especially MSMEs.

At a video conference of the foreign ministers of BRICS, Jaishankar said the bloc (Brazil-Russia-India-China-South Africa) had an important role to play in shaping global economic and political architecture.

"Economic activity across sectors has been negatively impacted leading to loss of jobs and livelihoods. He emphasised that we need to provide support to businesses, especially MSMEs, to tide over the crisis and ensure livelihoods are not lost," the MEA said in a press release.

Stressing on mutual cooperation in dealing with the coronavirus pandemic, Jaishankar said, "Covid-19 is not only posing great risk to health, well-being of humanity but is also severely impacting global economy."

The BRICS represents over 3.6 billion people, or half of the world population and having a combined GDP of $16.6 trillion.

Jaishankar also said the pandemic and the subsequent challenge highlighted the need for reform of the multilateral systems. The foreign minister emphasised that the pandemic was not only posing a great risk to the health and well-being of humanity but was also severely impacting global economy and output by disruption of global trade and supply chains, the Ministry of External Affairs said.

The foreign ministers discussed ways to boost cooperation in checking spread of coronavirus as well as deliberated on key challenges like reviving economic growth, officials said. Chinese Foreign Minister Wang Yi, Russian Foreign Minister Sergei Lavrov and Brazil's Ernesto Araujo were part of the conference.

(Inputs and image from theindianexpress.com)