India, Brazil and South Africa to sign trade pact
India, Brazil and South Africa will sign a co-operation agreement on trade and investment at the tri-nation IBSA (India, Brazil, South Africa) summit in Pretoria on October 17.
By PTI |
DURBAN: India, Brazil and South Africa will sign a co-operation agreement on trade and investment at the tri-nation IBSA (India, Brazil, South Africa) summit in Pretoria on October 17.
President Thabo Mbeki, Prime Minister Manmohan Singh of India and Brazilian President Luiz Inacio "Lula" da Silva will sign the agreement at the summit, a South African government official said today while briefing reporters about the second IBSA heads of State summit.
Government spokesman Themba Maseko said the value of the trade volume among the three countries stood between $ 6 billion and $ 7 billion and the objective was to increase it to USD 10 billion over the next three years.
He said other agreements likely to be signed at the summit include arrangements on international poverty alleviation and social development, trilateral exchanges of information, international best practices, technology and skills transfers, and tourism and transport.
"The summit will be preceded by a ministerial troika forum involving Cabinet-level meetings between the three countries", he said.
"The summit comes after the 62nd session of the United Nations General Assembly where developing countries reaffirmed the need for collaboration and multilateral approaches in addressing development challenges."
He said a number of other IBSA-related meetings, to be held at the Sandton Convention Centre in Johannesburg from October 15, would precede the actual summit, with a strong focus on business ties.
Maseko said India would host the third IBSA summit next year.
President Thabo Mbeki, Prime Minister Manmohan Singh of India and Brazilian President Luiz Inacio "Lula" da Silva will sign the agreement at the summit, a South African government official said today while briefing reporters about the second IBSA heads of State summit.
Government spokesman Themba Maseko said the value of the trade volume among the three countries stood between $ 6 billion and $ 7 billion and the objective was to increase it to USD 10 billion over the next three years.
He said other agreements likely to be signed at the summit include arrangements on international poverty alleviation and social development, trilateral exchanges of information, international best practices, technology and skills transfers, and tourism and transport.
"The summit will be preceded by a ministerial troika forum involving Cabinet-level meetings between the three countries", he said.
"The summit comes after the 62nd session of the United Nations General Assembly where developing countries reaffirmed the need for collaboration and multilateral approaches in addressing development challenges."
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He said a number of other IBSA-related meetings, to be held at the Sandton Convention Centre in Johannesburg from October 15, would precede the actual summit, with a strong focus on business ties.
Maseko said India would host the third IBSA summit next year.
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