IBSA Summit tomorrow to discuss world economic crisis

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New Delhi, Oct 14 (UNI) About seven agreements and Memoranda of Understanding (MOUs), including on cooperation in tourism and civil aviation, are likely to be signed between India, Brazil and South Africa at the third IBSA Summit of the Heads of State/Government of the three countries here tomorrow.

Prime Minister Manmohan Singh, Brazilian Pesident Luiz Inacio Lula da Silva and South African President Kgalema Motlanthe will meet here tomorrow for the third India-Brazil-South Africa (IBSA) Summit to discuss and devise strategies to meet the current challenges of global economic and energy crises, food shortages and security.

Mr Nalin Surie, Secretary (West) in the External Affairs Ministry, said at a press conference here today that there is also a very good opportunity for the three countries to discuss civil nuclear cooperation since India had ''just completed the process.'' He was referring to the signing of the 123 agreement between India and the United States and the waiver by the 45-nation Nuclear Suppliers Group (NSG).

To a question on Defence cooperation between the three fast developing economies from Asia, Latin America and Africa, Mr Surie said all the three countries have ''robust Defence industry'' and Defence cooperation could be possible.

''We can see somewhere down the line Defence cooperation between the three countries,'' he said.

He said India had bought some Defence equipment from South Africa in the past...It is an area we will be working together,'' he added.

He said Trade and Investment was one area in which a major forward thrust was expected.

A trade target of 15 Billion US Dollars had been fixed for 2010.

The Summit 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, sources said.

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

The IBSA Forum will also discuss the issues of climate change and the global economic situation with the current economic meltdown expected to be high on the agenda.


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