India, Brazil for new global order: PM | india | Hindustan Times
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India, Brazil for new global order: PM

india Updated: Sep 13, 2006 19:11 IST
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Prime Minister Manmohan Singh says India and Brazil will work together to bring a new world order, especially in areas like reforming the UN Security Council and facilitating the conclusion of multilateral trade talks.

In a statement at a joint press conference with President Luiz Lula da Silva of Brazil, the prime minister also emphasised on pushing two-way trade and economic relations between the two countries that has seen an upsurge recently.

"We must endeavour and we shall be seeking to build a new international order, which is both more equitable and more participatory for developing countries," the prime minister said, after his summit-level talks with the Brazilian president.

"We have worked together in the WTO and are both united in our desire for the successful conclusion of the Doha Round of negotiations. We have been partners in the G-4 efforts to work towards expansion of the permanent membership of the UN Security Council."

Manmohan Singh said bilateral trade between India and Brazil had grown five-fold from a mere $500 million in 2002 to $2.5 billion now and added that the proposed preferential trade pact with a Latin American grouping would help in pushing the trade ties further.

The prime minister said investments by Indian firms in Brazil were also seeing an upswing. "Major Indian companies such as Tata Consultancy Services, Ranbaxy, and Dr Reddy's have taken advantage of opportunities in the Brazilian market."

He said the areas that offered considerable scope for enhancing bilateral trade and investment ties included agricultural, food processing, pharmaceuticals, information technology and biotechnology.

In the energy sector, Manmohan Singh said ONGC Videsh Ltd (OVL) - the overseas arm of state-run Oil and Natural Gas Corp - had earmarked $400 million for acquiring an offshore block in southeast Brazil.

"Indian companies from both the public and private sectors have evinced interest in exploring production opportunities in Brazil to meet the anticipated growth in Ethanol used in India for both industrial as well as automobile use," he said.

"We have supported the Ethanol Initiative proposed by President Lula."

Manmohan Singh is on a three-day official visit here - the first by an Indian prime minister in 38 years - to hold bilateral talks and to attend the India-Brazil-South Africa summit.

He leaves for Cuba on Thursday for the Non-Aligned Movement summit in Havana, where he is likely to meet Pakistan President Pervez Musharraf on the margins.

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