PM cautions against rising energy and food prices, terrorism

New Delhi, Oct 15 (UNI) Prime Minister Manmohan Singh today cautioned against the threat to developmental efforts by increasing energy and food prices and terrorism and stressed the need for a renewed effort to reform the institutions of international governance including the UN and G-8.

In his address at the inauguration of the third Summit of the India-Brazil-South Africa (IBSA) Forum, the Prime Minister also called for making 'purposeful' efforts towards the conclusion of the Doha Round of Trade talks in a manner that promotes development and inclusive growth.

Observing that IBSA had a key role to play in ensuring equitable global growth and contributing to international stability, the Prime Minister said improving connectivity among the countries of the grouping remained a challenge and must remain a strategic objective.

''IBSA has an important role to play internationally. we are meeting against the backdrop of the international financial crisis.

Our voice on how to manage this crisis in a way that does not jeopardise our developmental priorities needs to be heard in international councils,'' the Prime Minister said.

Describing IBSA a ''unique forum,'' which brings together three democracies with dynamic developing economies from different continents, Dr Singh said the three countries are bound together by shared values and commitment to pluralism, human rights and the rule of law.

IBSA had emerged as a ''role model'' for effective South-South cooperation, he said, pointing out that the current Summit marked the end of the first cycle of Summit meetings.

''This is an ideal opportunity to take stock of how far we have travelled, where we stand and what the road ahead should be,'' he said, reaffirming India's commitment to ensuring that IBSA realised its great potential.

UNI RB PK AS1336