Prime Minister Narendra Modi is visiting Brazil to attend the Sixth BRICS summit in Brazil on 15-16 July. During his meeting with President Dilma Rouseff, PM Modi will review the bilateral relations with Brazil with which India is committed to a strategic partnership.
In an attempt to accelerate talks on a trilateral free trade agreement (FTA) , the India-Brazil-South Africa (IBSA) summit decided to hold an annual meeting of trade ministers from the three countries beginning from March next year.
Leaders from India, Brazil and South Africa on Tuesday urged the world's rich countries to contain their financial crises and prevent the global economy from slipping into a double dip recession.
India will be launching negotiations for a comprehensive economic cooperation agreement (CECA) with Mercosur although it will first “expedite” talks for a preferential trade agreement with the South African Customs Union (SACU).