IBSA summit to devise strategy for economic crisis

New Delhi, Oct 14: Prime Minister Manmohan Singh and the Presidents of Brazil and South Africa will meet on Wednesday, Oct 15 for the third India-Brazil-South Africa (IBSA) Summit to discuss and devise a strategy to meet the current challenges of global economic and energy crises, food shortages and security. The Summit, which will be attended by Brazilian President Luiz Inacio Lula da Silva and South African President Kgalema Motlanthe, besides the Indian Prime Minister, will discuss the need for the role of a global financial architecture against future challenges posed by any financial meltdowns like the current one facing the US, official sources said on Tuesday, Oct 14.

The recent India-European Union Summit at Marseilles in France on Monday, Sep 29 had discussed the possibility of a new global financial structure to face any challenges posed by economic crises.

The IBSA Forum, which comprises rapidly-developing economies from Asia, Latin America and Africa, will also discuss the issues of growing terrorism, civil nuclear erergy cooperation and climate change, the sources added.

The current economic melt down is also exspected to be high on the agenda, the sources added.

The Summit was preceded by a conference of IBSA Editors and IBSA Business Meet. A trade target of 15 Billion US dollars between the three IBSA countries has been set for 2010.

The three countries will also sign an agreement to promote cooperation in the tourism sector and will discuss exchange programme for students and faculties between academic institutions. External Affairs Minister Pranab Mukherjee had met his counterparts from Brazil and South Africa--Celso Amorim and Nkosazana Dlamini Zuma respectively--last month end in New York on the sidelines of the UN General Asembly and discussed global issues including reforms of multi-lateral fora like the UN.

The countries had also approved support for five new projects, in addition to two existing ones.

''The new projects approved for support included phase two of agriculture development in Guinea-Bissau, strengthening infrastructure and capacity to combat HIV/Aids in Burundi, irrigation and watershed management in Lao People's Democratic Republic," the ministers said in a statement.

UNI