Ibsa to sign seven agreements to cement ties in trade, investment

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New Delhi , Oct 14 : The global financial crisis, air connectivity, soaring fuel prices and food security are some of the major issues to be discussed at the India , South Africa and Brazil (Ibsa) summit here.

Also, Ibsa member countries would sign up to seven agreements and action plans to further cement ties in trade, investment and environment among other areas.

“The summit will provide leaders an opportunity to exchange views on international and regional issues... I have no doubt that this will include the global financial crisis and food and energy security issues,” Nalin Surie, secretary (west), ministry of external said in New Delhi .

During the summit, the three nations are set to focus on their role in evolving a global financial architecture.

Prime Minister Manmohan Singh will be hosting Brazil ‘s President Luiz Inacio Lula da Silva, and South African President Kgalema Motlanthe for the third annual Ibsa conference on Wednesday.

The trilateral trade target among Ibsa member states has been set at $15 billion by 2010, up from around $10 billion a year ago.

Cooperation among the three had been ‘developing well’ and as a group Ibsa was ‘gaining salience,’ Surie said.

Acknowledging that air connectivity among the three was a problem area, the senior MEA official pointed out that that things were improving “a little slower than what we would like”.

One of the documents that will be inked at the summit is an action plan relating to air connectivity addressing the lack of capacity in flights. “We are looking at the possibility of code sharing with other airlines. Also there might be an amendment to the current bilateral air agreement we have with south Africa ,” surie added.

“The opportunities presented through cooperation among the three were huge,” Surie stressed, adding Indian companies were investing in Brazil and South Africa and investment from these countries was flowing back.

Earlier in the day, minister of state for external affairs Anand Sharma said that the joint declaration to be brought at the end of the third Ibsa Summit would focus on the world financial crisis.

Ahead of the summit, which is beginning on Wednesday, business leaders, editors, women empowerment group and dialogue forum including journalists, women activists, intellectuals and policy makers of the three countries held discussions to prepare the agenda for the summit level talks.