India sees trade with South Africa, Brazil soon topping $25 bn

October 17th, 2011 - 11:13 pm ICT by IANS  

Manmohan Singh Pretoria, Oct 17 (IANS) The global economy and the stalled multilateral trade talks will figure prominently at the 5th India-Brazil-South Africa (IBSA) Summit Tuesday even as New Delhi sees its trade with the two countries soon topping $25 billion.

“Our trade with South Africa has already crossed $11 billion and with Brazil it is above $5 billion. Our engagement is already well above $15 billion with the two countries. We see it rising rapidly to $25 billion soon,” India’s foreign office spokesperson Vishnu Prakash said.

“We have been exporting a whole host of manufactured items to the two countries and in return we get a lot raw material. South Africa and Brazil are also key to our mutual quest for energy security.”

His comments came ahead of 5th IBSA Summit Tuesday, where Prime Minister Manmohan Singh is scheduled to engage with South African President Jacob Zuma and Brazilian President Dilma Rousseff on a host of issues.

Prakash said India’s Commerce Minister Anand Sharma, who is already in Durban for a meeting of the business forum, will also provide key inputs for a stronger economic ties among the three countries.

According to the spokesperson, the latest IBSA summit also comes ahead of the G20 meeting at Cannes in France next month where the focus will be on the next steps forward in nursing the global economy back to normal.

This apart, it is also expected to take a look at the issues before the 17th Conference of Parties of the United Nations Framework Convention on Climate Change that is scheduled towards the end of November at Durban.

Ahead of the Pretoria summit, Manmohan Singh had said that the IBSA forum had matured considerably since it was formed in 2003 and taken to the summit level in 2006. Manmohan Singh has attended all the previous IBSA summits.

“There is now a greater cooperation across a wider canvas,” the prime minister had said in a statement.

“Above all, the idea of three large developing countries - Brazil, India and South Africa - working together in a highly complex global environment has taken root and has received universal welcome by our peoples.”

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