MercoPress. South Atlantic News Agency

Brazil, India, South Africa agree strategic South to South bond

Leaders from three of the world's most dynamic emerging economies, Brazil, India and South Africa met in Brasilia to bolster cooperation and demand a greater voice in world trade and finance affairs.

The first summit of the India, Brazil, South Africa Forum, IBSA (created in 2003) brought together Brazil's Lula da Silva, India's Manmohan Singh and South Africa's Thabo Mbeki, whom addressed a two days business gathering of entrepreneurs from the three member countries.

Lula called on businessmen to help "convert political harmony" into improvements in living standards through increased trade ties. He added the meeting of business and political leaders is evidence of "our commitment and confidence in the South-South relationship".

South Africa's Mbeki called on private and governments to jointly meet challenges and anticipated that "what's being done here will have an impact that goes far beyond these three countries and will be an example for all the nations of the South".

Indian Prime Minister Singh concurred, saying that the summit had set out a "bold and comprehensive agenda of cooperation" which "will propel this grouping to a position where its voice will be heard in world affairs".

Singh also insisted that one of the key matters that should be taken up within the framework of IBSA is the search for energy security.

"Brazil is a world leader in the use of ethanol. South Africa has coal gasification technology and a well-developed synthetic fuel industry. India, on the other hand, has expertise in wind and solar energy. IBSA can be effective in utilizing our competitive strengths in these alternate energy technologies" underlined Singh.

The Indian Prime Minister on an official visit to Brazil also signed ten bilateral cooperation agreements which President Lula described as a "strategic alliance" between two of the most important emerging economies.