Seeking collective action amid the global energy crisis, Foreign Minister Dr Khalilur Rahman has said there might be a ceasefire, but the energy issue is not going to be resolved within two weeks.
"All of us are in trouble, as the current energy challenges are creating disruptions. That will reverberate through the coming years. Even if the energy situation improves, we still face the larger problem of a decline in multilateralism," he said.
The Foreign Minister made the remarks while speaking at the 9th Indian Ocean Conference in Mauritius on Friday.
Indian External Affairs Minister Dr S Jaishankar, among others, also spoke at the conference.
Bangladesh on Wednesday thanked the Indian government for the recent supply of diesel and requested an increased volume of diesel and fertiliser. The Indian side indicated that it would consider the request “readily and favourably.”
Dr Khalilur said the larger challenge - the loss of trust and confidence in the global system - will have to be addressed through their own actions.
"If we stay strong on our home front, it will be much easier for us to overcome the storms coming from outside," he said.
The Foreign Minister said some analysts believe this crisis will have implications much greater than the twin oil shocks of the 1970s.
"So, if the effects of the current crisis are going to be larger than the shocks of the 1970s, we can imagine the type of risks we are facing. This is the immediate problem, but perhaps a larger issue is the context in which it is happening," he said.
"The kind of orderly world, which was not entirely orderly, but orderly enough for us to believe that the global system would take care of our problems is now coming under very serious pressure," the Foreign Minister said.
He said they are witnessing assaults on multilateralism and an increasing prevalence of unilateral actions within global frameworks.
"They are no longer helping us effectively in dealing with these issues. So, we face a significant challenge, one that exists within an even larger context. This is a time for collective action because individual countries will not be able to meet these challenges on their own," he said.
