India, Brazil and South Africa
In a bid to enhance trade ties, India, Brazil and South Africa have decided to hold an annual meeting of trade ministers with New Delhi being the venue for the first such dialogue, the South African commerce ministry has said.
India is soon going to launch negotiations to have a comprehensive economic cooperation agreement (CECA) with Latin American trading bloc MERCOSUR even as it looks to “expedite” the talks to have a preferential trade agreement with the South African Customs Union (SACU).
Critics want southern Africa to look at Latin America’s Bolivarian Alliance for the Peoples of Our America (ALBA) as an approach to achieving regional economic integration based on fulfilling basic human needs and the services that are required to meet them instead of trade liberalisation with the EU, within the BRICSA group (Brazil, Russia, India, China and now South Africa) or within the region itself.
India’s government hopes to “wrap up very quickly” negotiations around a free trade agreement with South Africa.
Representatives from India, Brazil and South Africa (IBSA) on Thursday signed two agreements on scientific cooperation, in Brazilian capital Brasilia.
Negotiations to form a trade alliance between countries of Africa, Asia and South America stepped up to a political level when ministers discussed the issue this week, giving the initiative a further boost.
Foreign minister S M Krishna will be pay an official visit to Brazil from August 30 to September 1 for co-chairing the 4th India-Brazil Joint Commission Meeting and also for participating in the sixth IBSA Trilateral Commission meeting.
Threats to the global liberal order are usually identified with illiberal states. That’s why China, with its repressive domestic regime and its see-no-evil (unless related to the United States) foreign policy attracts so much attention these days.
Developing countries hoping to compensate for slumping demand in rich countries and falling commodity prices are looking at ways to bolster one of the most dynamic parts of their economies — South-South trade.
With the aim of enhancing co-operation between India, Brazil and South Africa in the field of Small Industries, the Third Tri-nation Summit for Small Business Development began in Faridabad. Inaugurating the Summit the Union Minister of Micro, Small and Medium Enterprises Shri Mahabir Prasad raised hope that the summit will help the small industries of IBSA countries to meet global challenges.
Last month, captains of industry from India, Brazil and SA (Ibsa) descended on the Indian capital for the third summit of the Ibsa Trilateral Business Council.
The figures are undoubtedly impressive. A total combined gross domestic product (GDP) in purchasing power parity (PPP) terms of more than $5,28- trillion, or 8% of the total global PPP GDP of over $65,6-trillion. A total population of more than 1,39-billion people, or just under 21% of the global population of more than 6,7-billion. These numbers show the combined weight of India, Brazil and South Africa (Ibsa), the three member countries of the Ibsa Dialogue Forum.
Developing countries have talked of the philosophy of South-south cooperation for development for a very long time. A number of initiatives was launched during the 1960s and 1970s. However, progress was modest because of lack of resources and institutional weaknesses in developing countries. With the emergence of countries like Brazil, India and South Africa in this millennium with considerable capabilities and collective development experiences that South-south cooperation has begun to be seen as a viable strategy.
The India-Brazil-South Africa (IBSA) formation could have enough clout to stand up to the European Union and the US but it needs the help of emerging superpower China. Alternatively it should align with the BRIC (Brazil-Russia-India-China) group.
Reflecting their growing economic ties, India, Brazil and South Africa (IBSA) have set an ambitious trade target of $15 billion between the three countries by 2010.
When leaders of India, Brazil and South Africa meet next week for their annual trilateral summit, the one issue on top of their minds
will be the unfolding financial crisis.
Business leaders from India, Brazil and South Africa are meeting here on October 13 to deliberate on trilateral trade co-operation and will also discuss issues related to tourism and student exchange programme.
India, Brazil and South Africa (IBSA) is working towards sorting out procedural and infrastructural bottlenecks to increase mutual operation in key areas of energy, tourism and mining, industry body CII said on Monday.
The "strategic alliance" that is the India-Brazil-South Africa trilateral axis is now more than simply a dialogue but a "privileged relationship" favouring a world where democracy will prevail not only in its political manifestation but also on social and cultural levels
The quest for a free trade pact would be high on the agenda this week of high-level talks between South Africa and India in Pretoria, a government official said Thursday.