IBSA can push global financial reforms: India

October 13th, 2008 - 5:13 pm ICT by IANS  

Manmohan SinghNew Delhi, Oct 13 (IANS) Ahead of the third tri-nation IBSA summit, External Affairs Minister Pranab Mukherjee Monday called for greater cooperation among India, Brazil and South Africa to reform the international financial architecture that will better serve the interests of developing countries. “We should also exploit the strategic potential of IBSA partnership in building a more inclusive and equitable global economic order,” Mukherjee said at the launch of discussions by the Academic Forum at Vigyan Bhavan to promote greater intra-IBSA cooperation.

Underlining the need for a “development-friendly world trading system”, the minister stressed in his inaugural address on “cooperation along with other co-developing countries” to achieve this objective.

“IBSA cooperation can also expedite the long-pending reform of the international financial architecture to serve our requirements,” he said while underscoring the need for critical reforms in view of the US financial meltdown that is having rippling effects the world over.

“Such turmoil in the global markets further enhances the imperative of South-South cooperation,” he said while highlighting the IBSA cooperation as “a new role model for the South-South Cooperation in the new millennium”.

“In these times, we can serve as growth poles for each other. India-Brazil and South Africa, being amongst the leading economies of the three continents are also conscious of their responsibility to other developing countries,” he added.

With the world’s leading powers trying to enlist emerging economies in dealing with the global financial crisis, India, Brazil and South Africa are set to focus on their role in evolving a global financial architecture at the third IBSA summit Wednesday.

The IBSA, which brings together economic powerhouses from Asia, Africa and Latin America together, will focus on firming up trilateral cooperation on a slew of pressing global issues like terrorism, multilateral trade negotiations, inclusive development, food and energy security.

With India and the US sealing their 123 pact and the NSG granting a waiver to India, civil nuclear cooperation will also be high on the agenda.

Prime Minister Manmohan Singh, South African President Kgalema Motlanthe and Brazilian President Luiz Inácio Lula da Silva are expected to discuss the fallout of the financial crisis and what the three major emerging economies can do to help the G8 countries deal with the crisis, official sources said.

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