Stay on the right side of weaponisation so you don’t get hit, others do: Jaishankar

In an era where economic tools, digital platforms and financial networks are increasingly being weaponised, nations must navigate a complex and shifting scenario of strategic competition. Speaking at the annual Raisina Dialogue in New Delhi—organised by the Observer Research Foundation in partnership with the Ministry of External Affairs—Union Minister of External Affairs S. Jaishankar highlighted various approaches to addressing weaponisation, particularly as global goods like SWIFT, social media, and telecom become increasingly vulnerable to this trend.

Treading through the reality of weaponisation

“One way is to stay on the right side of weaponisation so that you don’t get hit while others do. But here’s the reality—the world today makes business decisions by factoring in national security in a way it did not before, especially in the digital era. It’s not just about cost; it’s about comfort and trust. So, if you are looking at this seriously today,” Jaishankar said.

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“And certainly, when we look at India and the world today, we see that we are currently engaged in three major trade negotiations—with the EU, the UK, and now the United States. These are our growth markets, our technology partners. This is where people go for education and tourism. In many ways, they are our connectivity partners and strategic partners. So, when we make choices, it is no longer just about efficiency and cost. I think non-economic factors increasingly influence business decisions,” the Union Minister said.

“Sometimes, we may find ourselves in a situation where we have to devise an alternative because it becomes a necessity of the day. But I would argue that this is more of an aberration rather than a strategic desire to replace a particular system. If we can make the current system work for us, that is the smarter thing to do,” he added.

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Corporations and foreign policy: A growing influence

When asked by moderator Palki Sharma, Managing Editor of Firstpost, whether foreign policy—traditionally designed to deal with countries—must now adapt to the growing power of corporations, citing Elon Musk and Starlink as an example where a single decision could alter the course of the war in Ukraine, Jaishankar was asked if foreign policy needs to evolve or if such matters should be left to regulators and financial institutions.

Responding to this, Jaishankar said, “Historically, that’s not entirely the case. I would remind you of a company called the East India Company, which became so big. But it’s a valid point. The market capitalisation of many companies today could probably entitle some of them—perhaps even—to be part of the G20. So, this is a reality we have to deal with. Sometimes, you engage with them in tandem with the government. Sometimes, you deal with them directly. But you have to engage with them—this is a necessity in my business.”

Weaponisation of trade and economic restrictions

When it was pointed out that, historically, India has shied away from weaponising trade and financial institutions—and that the External Affairs Minister himself was not in favour of national sanctions—Jaishankar was asked whether, given the changing landscape, trade barriers, tariffs, tech sanctions, or tech restrictions were now finding a place in India’s foreign policy.

“Tariffs, sanctions, export controls—I think, whether we like it or not, they are a reality. Countries use them. In fact, if one looks at the last decade, I would say we have seen a much greater weaponisation of pretty much any kind of capability or economic activity. It could be financial flows, energy supplies, or technology. This is the reality of the world,” Jaishankar said.

“So, since I take the world as it is, we have to negotiate our way through it and see how best we can serve our own country. Because at the end of the day, for a government—for a commissar of the government—you fight for your business. You fight for your business because you’re fighting for employment and for the comprehensive national power, of which business makes a very important contribution,” he said.

“I think today, the lines dividing different domains have eroded. And overall, if you look at international relations, it is a less restrained culture today than it was a decade ago. That’s something we all need to handle,” the minister said.

Jaishankar made it clear that the blurring lines don’t bother him because he sees it as evolution.

“I simply accept it as part of the playing conditions. So, for me, it’s part of the assumption, part of the challenge, and something that I would deal with—ideally, even leverage—where I can,” the minister said.