IBSA Business Council launched to enhance South-South Cooperation

Under the aegis of India Brazil South Africa dialogue forum, IBSA Business Council has been signed in Cape Town, South Africa on Friday. This is a historic step to bring the three countries close through trade and economic cooperation.

The IBSA business agreement signed between ASSOCHAM, CII and FICCI representing businesses of India, National Confederation of Industries (CNI) representing businesses of Brazil and Business Unity South Africa (BUSA) representing businesses of South Africa was signed in the presence of Natwar Singh, Minister of Foreign Affairs for India, Dr. Nkosazana Dlamini Zuma, Minister of Foreign Affairs for South Africa and Amorim, Minister for Foreign Affairs, Brazil.

Anil K. Agarwal, Alternate President, ASSOCHAM signed the agreement on behalf of ASSOCHAM. He said that there is a huge potential in increasing trade and investment in SMEs, infrastructure, Civil Aviation, Shipping, health, Tourism, IT, Science and Technology. All the three nations have enormous richest deposits of natural wealth, minerals, fertile land, water, sunshine apart from rich heritage and culture. We have our home grown expertise and technologies, and world leadership like South Africa in converting coal to petroleum, Brazil in Bio-diesal/fuels and India in IT –software. He said that we should work together in synergising our complementarities, improve our capabilities and multiply our capacities. This will help us to face the challenges of globalisation with courage and fortitude and maximise the benefits.

India, Brazil, South Africa are together a big political socio-economical force in the world. IBSA business Council members will share their experience and achievements and work closely to create and opportunities not only in our three countries but in the connected region: India in SAARC/ASEAN, Brazil in MERCOSUR, And South Africa in SADC. IBSA Business Council will cement our relationship and strengthen the framework of South-South Cooperation.

It has been decided that the Secretariat will pass on from South Africa to Brazil this year. The three countries will act as a catalyst in formulating strategies and building better linkages for cooperation at multilateral forum including the WTO to promote the achievement of a fairer world trade regime.

from: http://www.indiainfoline.com/news/news.asp?dat=55384

Related: http://regionswatch.tripod.com/ibsagroup.htm