The Hindu Business Line : 'IBSA system to boost regional cooperation'

The Minister for External Affairs, Mr Yashwant Sinha, flanked by the Minister for External Relations of Brazil, Mr Celso Amorim (left), and the Minister for Foreign Affairs of South Africa, Dr Nkosazana Dlamini-Zuma, at the IBSA Trilateral Commission meeting in the Capital on Friday. — Kamal Narang

New Delhi , March 5

THE IBSA (India-Brazil-South Africa) trilateral cooperation mechanism is poised to change the dynamics of economic development in the region due to enhanced relationship between the three countries.

According to the Minister for External Affairs, Mr Yashwant Sinha, this will give a fresh impetus to what is being termed as `South-South' cooperation.

Addressing an interactive meeting with the Foreign Ministers from Brazil, South Africa and India, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), here on Friday, Mr Sinha said, "If we have conquered distance, we will annihilate the distance of both mind and geography. The Cape of Good Hope is now the Cape of New Hope".

The Minister further pointed out that India, Brazil and South Africa could share their opportunities, experiences, achievements and complementarities in order to facilitate better interaction between the regions.

Stating that trade and business would play a critical role, Mr Sinha mentioned that it would be difficult to meet the desired objectives without business partnership. He said, "We can facilitate, but the actual deals can be done only by the business people of the three countries. Business also must continue to work together so that trade becomes a tool for development".

In this regard, Mr Sinha emphasised that there is need to create awareness of the available opportunities among the business communities of the respective regions.

Mentioning that all the three countries were in favour of a free market economy, he said that the governments were committed towards promoting business in the global arena.

Adding that the decision of the three countries to work together in a multilateral forum is critical, he said, "This is the first instance when a group of developing nations have come together on issues and have articulated a stand in their interest". He mentioned that as agreed in the Brazilian declaration, the three nations would continue to work together in all areas of human endeavour in fighting hunger and poverty.

Mr Sinha added that efforts would not be confined to the three countries only; rather the fruits of the endeavours would reach other developing countries as well.

In this regard, he added that the United Nations Development Programme would play a pivotal role in operationalising the arrangement.

In his address, Mr Celso Amorim, Minister for External Relations, Federative Republic of Brazil, opined that the formation of the Trilateral Business Council would augment the efforts of this increasing network.

"Trilateral business council will give us a meaningful concrete forum towards furthering the cause of economic development, said Mr Amorim.

Sharing her perspectives, Dr Nkosazana Dlamini-Zuma, Minister for Foreign Affairs, South Africa, said that the governments would always remain committed towards facilitating the initiatives of the business community.

She is of the view that the trilateral council will go a long way in building synergies between the three nations. She added, "As we act together, we must also speak in one voice".