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India, Brazil, SA to increase trade

India, Brazil and South Africa have committed themselves to increasing trade among themselves to more than $15 billion by 2010.

india Updated: Oct 18, 2007 14:46 IST

India, Brazil and South Africa have committed themselves to increasing trade among themselves to more than $15 billion by 2010.

This emerged at the end of the second India-Brazil-South Africa (IBSA) Heads of State Summit held in Pretoria on Thursday.

Prime Minister Manmohan Singh, South Africa President Thabo Mbeki and Brazil's President Lula da Silva led high-ranking delegations to the Summit to discuss a wide range of issues.

The three leaders have urged business and industry players to be more ambitious and to exceed the target of USD 15 billion.

Discussions at the summit ranged from co-operation aimed at poverty eradication and development; further enhancing political and trade relations among the three countries and developments with regard to the World Trade Organisation (WTO) negotiations and the conclusion of the Doha Development Round.

During the Summit, the three Heads of State also received reports from representatives of the various IBSA working groups, including business, academics, Parliamentary forum, civil society forum and the women's forum.

They also supported the establishment of two additional working groups on Human Settlement Development and on Environmental and Climate Change.

In addition, the three countries signed new agreements on cultural cooperation, cooperation in health and medicine, and Memoranda of Understanding (MOUs) on social issues, higher education, tax administration and wind resources.

Singh said the discussions "showed that there was a convergence of views" in many areas.