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IBSA to play vital role in dealing global financial crisis: PM

New Delhi, Wed, 15 Oct 2008 NI Wire

Inaugurating the third plenary summit of the India-Brazil-South Africa (IBSA) at New Delhi on Wednesday, Prime Minister Manmohan Singh raised concern over the global financial crisis and said IBSA has a vital role to play internationally.


We need to evolve ways on how to manage this financial crisis in a way that do not jeopardise our development priorities, Dr. Singh said, adding that the “three countries have a key role to play in ensuring equitable global growth and in contributing to global stability.”

Recalling the first Summit in Brazil, 2006 and a year later second Summit in South Africa, Singh said that today we have “intensified our trilateral cooperation.”

IBSA is a unique forum. It brings together three democracies- bound together by shared values and commitment to pluralism, human rights and the rule of law- with dynamic developing economies located in three different continents.

“This Summit marks the end of the first cycle of our Summit meetings and provides us an ideal opportunity to take stock of how far we have travelled, where we stand and what the road ahead for us,” said Singh.

Manmohan Singh stated a remarkable beginning has been made in evolving a social development strategy for IBSA and India has also circulated a concept paper for the agricultural cooperation with IBSA.

The lack of adequate connectivity continues to hamper our cooperation. We should reflect on how to encourage air and maritime links to improve connectivity that still remains a challenge for us and requires dealing with strategic objective.

Recognising increase in energy and food prices as a threat to our developmental efforts added by menace of global terrorism, the Prime Minster said we need to tackle terrorism collectively and work purposefully towards the conclusion of the Doha Round of trade talks in a manner that promotes development and inclusive growth.


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