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Ramesh Sharma

Common voice: The Prime Minister, Dr Manmohan Singh, flanked by the Brazilian President, Mr Luiz Inacio Lula daSilva (left), and the South African President, Mr Kgalema Motlanthe, at the joint press conference during the 3rdSummit of the India, Brazil and South Africa (IBSA) Dialogue Forum in the Capital on Wednesday. - Ramesh Sharma

Our Bureau

New Delhi, Oct 15

The Prime Minister, Dr Manmohan Singh, in his address at the third India-Brazil-South Africa summit, expressed a strong need to reform the institutions of international governance considering the current global scenario.

“We are meeting against the backdrop of the international financial crises. Our voice on how to manage this crisis in a way that does not jeopardise our development priorities needs to be heard in international councils,” said Dr Singh at the summit attended by the South African President, Mr Kgalema Motlanthe, and the Brazilian President, Mr Luiz Inacio Lula da Silva.

“We need more than ever before a renewed effort to reform the institutions of international governance, whether it is the US or the G-8,” Dr Singh stated.

Citing IBSA as a role model for effective south-south cooperation, he further sought the need for member countries to work purposefully towards the conclusion of the Doha round of trade talks in a manner that would promote development and inclusive growth.

The Confederation of Indian Industry President, Mr K.V. Kamath, said, “While intra-IBSA trade is on the upswing, the focus of attention is on attaining the level of $30 billion trade flow by 2015.

“This would be achieved if the current trend is sustained and facilitated by greater South-South Cooperation and sharing of knowledge and technology.”

Some of the areas identified to promote trade between the member countries include reducing both tariff and non-tariff barriers on imports and improving shipping and air links between the three countries as it would reduce the cost of doing business.

Besides, issues of sharing of information and technology and business opportunities among the member countries were highlighted to give a boost to trade.

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