EAM Jaishankar said that oil prices are unreasonably high and so are the gas prices. A lot of traditional suppliers to Asia are diverting to Europe because Europe is buying less oil from Russia.
Prime Minister Narendra Modi will attend the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) summit being hosted by Sri Lanka.
This will be Eternal Affairs Minister S Jaishankar's maiden visit to the island nation since India extended an economic relief package to bail Sri Lanka out of the current economic crisis.
S Jaishankar also called on Thailand Prime Minister Prayut Chan-o-cha and exchanged perspectives on regional and global developments.
While speaking at the 18th BIMSTEC Ministerial Meeting in Colombo, EAM S Jaishankar also emphasized on port facilities, ferry services, coastal shipping and maritime as well.
Member countries approved complete reorganisation of BIMSTEC, under which there will be seven pillars and every country will lead one pillar of activities. India will lead the security pillar.