IBSA leaders agree to form coordinating mechanism to deal with global financial crisis

October 15th, 2008 - 7:47 pm ICT by ANI  

Manmohan Singh

New Delhi, Oct.15 (ANI): Heads of Government of India, Brazil and South Africa (IBSA) today agreed to instruct their finance ministers and Governors of Central Banks to meet and establish a coordinating mechanism to deal with the existing global financial crisis.
A joint statement issued after a meeting between Indian Prime Minister, Dr. Manmohan Singh, Brazilian President Lula and South African President Motlanthe said: “We exchanged views in depth on some of the crises that confront the international community today, that is, the international financial crisis and the rise in energy and food prices. We agreed on some ideas to tackle them and to collaborate closely as the international community grapples to find satisfactory solutions. To this end, we have decided to instruct our Finance Ministers and Governors of Central Banks to convene a meeting, as soon as possible, in order to establish a coordinating mechanism.”
The IBSA leaders also stated that the Working Groups on Energy and on Agriculture would carry forward their discussions on these subjects.
Dr. Singh said that India has circulated a paper on possibilities in cooperation in agriculture within IBSA and there are suggestions there on how to deal with food security.
“We discussed the role of clean energy in dealing with our energy needs. I thanked the Presidents of Brazil and South Africa for their support in opening up civil nuclear cooperation for India. Trade and investment linkages among our three countries are growing. The current crisis affecting the international economy has made it that much more important for us to explore one anothers markets for mutually beneficial opportunities,” Dr. Singh said.
“It is our expectation that the target of 15 billion dollars by 2010 would be achieved. We have accordingly agreed to set a target for trilateral trade of 25 billion dollars by 2015. For this purpose, we have agreed to instruct our appropriate financial authorities to explore new mechanisms to facilitate and increase trade amongst us. Our trade negotiators should address the negotiation of the India-MERCOSUR-SACU trade arrangement in a time bound manner,” Dr. Singh added.
It was also agreed that the IBSA forum would examine expeditiously all proposals related to facilitating greater connectivity between the three countries, in particular air connectivity.
The IBSA leaders also expressed their pleasure over the outcome of the academic, business, editors and womens forums. They said that very useful suggestions would be used for further strengthening collaboration among our three countries.(ANI)

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