India calls for cooperation among developing nations

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New Delhi, Oct 13: For the international financial structure to be beneficial to the developing countries, the government on Monday has called for greater cooperation among India, Brazil and South Africa (IBSA).

While underlining the need for a “development-friendly world trading system”, external affairs minister Pranab Mukherjee in his inaugural address at the Academic Forum of IBSA stressed on “cooperation along with other co-developing countries” to achieve this objective.

The minister said that, “IBSA cooperation can also expedite the long-pending reform of the international financial architecture to serve our requirements,” he said while highlighting the need for critical reforms in view of the current financial meltdown.

While highlighting the IBSA cooperation as “a new role model for the South-South Cooperation in the new millennium”, Mukherjee added, “In these times, we can serve as growth poles for each other. India-Brazil and South Africa, being amongst the leading economies of the three continents are also conscious of their responsibility to other developing countries.”

Earlier in the day, releasing a study by CII titled: “IBSA:Redefining South South Cooperation”, Nalin Surie, secretary (west), MEA, pointed out that there is a need to have an effective trilateral cooperation to further enhance trade between the three countries.

Acknowledging that connectivity remains a major impediment to furthering trade between India, South Africa and Brazil, the senior MEA official pointed out that there is a need to concentrate on air connectivity. “The three countries should join hands to bring about early improvements in both air and maritime connectivity. "This was specially important for boosting trilateral trade between our emerging economies."

The two-day IBSA business summit is being jointly organised by FICCI, CII, Business Unity South Africa (BUSA) and Brazil's National Confederation of Industry (CNI) and supported by the governments of South Africa, Brazil and India.

With the world's leading powers trying to enlist emerging economies in dealing with the global financial crisis, India, Brazil and South Africa are set to focus on their role in evolving a global financial architecture at the third IBSA summit on Wednesday.