Trade ministers from India, Brazil and South Africa have agreed to address visa issues, trade barriers, and maritime and air connectivity to boost investment opportunities among the three countries.
The India Brazil South Africa (IBSA) business forum is a trilateral trade initiative aimed at encouraging south-south cooperation. Set up in 2003, IBSA is committed to developing a “new international architecture” through cooperation and partnerships among developing economies. IBSA views collaboration among India, Brazil and South Africa as ideal in terms of their shared economic vision, democratic principles and common development struggles.
Trilateral trade has been healthy, despite financial tremors that have shaken economies worldwide. The group set a target of achieving US$10 billion in intra-IBSA trade by 2010. “In fact we achieved that in 2009, in the midst of the first wave of global economic recession,” said Rob Davies, South Africa’s minister of trade and industry.
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