S Jaishankar on factors driving business decisions globally: 'No longer just efficiency and cost'

External Affairs Minister S Jaishankar (Courtesy: PTI file photo)

External Affairs Minister S Jaishankar, at Raisina Dialogue 2025, addressed the growing link between national security and business decisions, emphasising the changing dynamics of global economic strategies.

“The world today makes business decisions factoring in national security in a manner in which it did not do so before,” he said, stressing that countries are focusing on secure and dependable partnerships rather than solely on cost-effectiveness.

He further discussed India’s trade negotiations and highlighted the country’s key strategic priorities. “We are involved right now in three big trade negotiations with the EU, UK and the United States. These are our growth markets. These are our technology partners... This is where people go for education and tourism. These are, in many ways, our connectivity and strategic partners. So when we make choices, it's no longer just efficiency and cost,” Jaishankar said.

The EAM noted that there are non-economic factors which are increasingly influencing business decisions.

Addressing the evolving digital landscape, the minister highlighted its geopolitical implications and underscored the importance of data sovereignty. “In the digital era, I think it's not just about cost, it is about comfort and trust,” Jaishankar stated.

“You increasingly want to do business with those with whom you are secure.”

On being questioned that every partner offers some risk, Jaishankar said, “You would rather take risks with those where your interests are not contradictory rather than those with whom your interests could clash.”

Countries today need a macro business strategy, he said. The minister also talked about making existing systems work in favour of India, saying, “If we can make the current system work for us, that’s the smarter thing to do.”

He also underscored the necessity of being strategically adaptable in an era marked by economic weaponisation. “There are different ways of dealing with weaponisation. One is to stay on the right side of the weapon so you don't get hit,” Jaishankar stated.