India, Brazil, South Africa to strengthen trade ties
Amorim added that 54 per cent of Brazil's total trade of about $200 billion last year came with developing nations.india Updated: Mar 30, 2006 10:19 IST
India, Brazil and South Africa have agreed to keep a rapidly growing trilateral trade as a way of strengthening their common standings in talks for trade liberalisation with developed nations, officials of the three countries said.
"We are doing the right thing," Brazil's Foreign Minister Celso Amorim said on Wednesday at the closing of a one-day forum on trade and investment among the three nations.
"Only in the last two years, bilateral trade with India increased by 170 per cent. With South Africa it went up by 86 per cent," he said.
Amorim added that 54 per cent of Brazil's total trade of about $200 billion last year came with developing nations.
"We are creating better conditions to negotiate at the World Trade Organisation."
Indian Deputy Trade Minister Jayant Dasgupta said the three countries identified areas to increase trilateral trade.
The three nations were ready to encompass all areas, including oil, natural gas, infrastructure, auto industry and agriculture.
South African Foreign Trade Minister Nkosazana Dlamini Zuma said the trio had pointed out areas where trade could develop further, but gave no details.
The three nations make up a commission known as IBSA -- an acronym for India, Brazil and South Africa -- which has been working to boost trade and expand cooperation among developing nations of the three continents they represent.
The forum took place ahead of an informal WTO meeting on Friday and Saturday in Rio de Janeiro with US Trade Representative Rob Portman, European Union Trade Commissioner Peter Mandelson, WTO chief Pascal Lamy, and Brazil's Amorim.