Brazil, India and South Africa aim to boost business between the fast-growing emerging economies that are also key players in now deadlocked global trade talks, Brazil’s foreign minister said on Tuesday.
Brazil’s Celso Amorim said after talks with his counterparts in New Delhi that the nations agreed to raise trade flows 50% by the end of the decade from about $10-billion at present.
”We have set the challenge to bring our mutual trade to about $15-billion by 2010,” Amorim told reporters following the fifth meeting of the countries dubbed IBSA since 2003.
Amorim also called for more contact between India and the South American trade bloc known as Mercosur and the five-member South African Customs Union.
Such a combination would form ”the largest economic space in the developing world”, Amorim added.
South African Foreign Affairs Minister Nkosazana Dlamini-Zuma described IBSA as a ”unique forum” that needed to focus on increasing transport and connectivity to boost trade.
”I think we should keep together wherever we are,” Zuma said, seeking a common position among the three nations.
The foreign ministers confirmed South Africa would host the second summit of leaders from their countries in October. The first meeting of the heads of government was hosted by Brazil’s President Luiz Inacio Lula da Silva in September.
A joint statement also called for an expansion of the UN Security Council to make the institution more ”democratic” and ”representative.” — Sapa-AFP