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India, Brazil, South Africa meet to discus financial crisis

Leaders from emerging economic powers India, South Africa and Brazil are meeting in New Delhi for an annual summit set to be dominated by the global financial crisis, food and fuel prices.

business Updated: Oct 15, 2008 11:33 IST

Leaders from emerging economic powers India, South Africa and Brazil are meeting in New Delhi on Wednesday for an annual summit set to be dominated by the global financial crisis, food and fuel prices.

Prime Minister Manmohan Singh is hosting Brazilian President Luiz Inacio Lula da Silva and South African President Kgalema Motlanthe for the third annual India-Brazil-South Africa (IBSA) conference.

"The summit will provide leaders an opportunity to exchange views on international and regional issues... I have no doubt that this will include the global financial crisis and food and energy security issues," Indian foreign ministry official Nalin Surie told reporters.

IBSA, which came into existence in 2003, groups some of the largest economies in Asia, Africa and South America.

The three countries, which have a combined population of 1.3 billion, believe they can best achieve results on issues such as World Trade talks and push through UN Security Council reforms by working together.

IBSA member states are also eyeing permanent seats at the UN Security Council.

The trilateral trade target among IBSA member states has been set at $15 billion by 2010, up from around $10 billion a year ago.

Surie said IBSA member countries would sign up to seven agreements and action plans to further cement ties in trade, investment and the environment.

"IBSA is developing well and gaining salience. It is our intention to further strengthen this unique forum of three very large developing country democracies from three different continents," Surie said.