Not to repeat the mistakes of the past, Singh asks IBSA leaders (Embargoed till 2.30 a.m)

Brazilia, (Brazil) Apr 16 (ANI): Prime Minister Dr. Manmohan Singh on Thursday called on IBSA not to repeat the mistakes of the past.

In his opening statement at the India, Brazil and South Africa (IBSA) summit, Prime Minister Dr. Singh said: "The critical phase of recovery of the global economy is still fragile and uneven. We have to ensure that we do not repeat mistakes of the past."

"Global economic recovery, to be sustainable must be anchored in the real economy. The financial sector and international capital flows should contribute to economic growth rather than encourage speculation and volatility in the international system," he added.

Dr. Singh asked the IBSA countries to focus on creating sources of growth.

"Our focus should be on greater investments in infrastructure, human capita, education and inclusive growth. We must create new sources of growth," he said.

Underling the need for building food security for the IBSA, Dr. Singh expressed happiness over the summit adopting a document on social development strategies.

"Food Security is an important goal for all of us. I am pleased to note that we would be adopting documents on a social development strategy and future agriculture cooperation within the IBSA framework," he said.

In his address, Dr. Singh stressed on the need to pursue the early conclusion of Doha Round (WTO) of trade negations.

"IBSA should coordinate its positions in the G-20. We should continue to pursue the early round of trade negations because a fair and rule based multilateral trading system is in our interest," Dr. Singh said.

"We must speak out against protectionist policies which are only short sighted and self defeating in the long run," he added.

The IBSA countries have been in the forefront of demands for greater market access to the developed market.

Dr. Singh said the IBSA could contribute to the shaping of the global agenda and highlighting the issues of concern to developing countries.

" We are increasingly consulting each other on international issues. IBSA can contribute to the shaping of the global agenda and highlighting the issues of concern to developing countries," he said.

"We are united in our objective to ensure a fair and equitable international order," Dr. Singh added.

Dr. Singh expressed confidence that the trilateral trade arrangement between India, Southern African Customs Union (SACU), and a trading bloc in Latin America consisting Brazil, Argentina, Uruguay and Paraguay (Mercosur) would bring strength to all signatories.

"We have decided to expedite negotiations on India-SACU -Mercosur trade arrangement. This trilateral arrangement will bring together a rapidly growing market and enable us to benefit from our respective strengths and complementarities," he said.

Under the IBSA Trust fund all three nations are committed to assisting other developing countries through development projects. This is a novel concept of South-South Cooperation. By Ravinder Singh Robin(ANI)