New Delhi, March 5
India, Brazil and South Africa (IBSA) today thrashed out broad contours of a tri-continental trade regime of sorts, set up a quarter million dollar fund to combat poverty and hunger in the developing world, and adopted “New Delhi Plan of Action” envisaging stronger economic relations among each other.

The foreign ministers of the three largest democracies of Asia, Africa and South America, who concluded the IBSA Dialogue Forum’s first Trilateral Commission meeting here, have agreed to strengthen economic relations among each other, which will be achieved through synergising complementarities in areas of industry, services, business and technology.

“They further agreed to consider signing of a trilateral cooperation agreement to promote and facilitate trade among the three countries”, the New Delhi Agenda for Cooperation and Plan of Action released here at the end of the two-day Trilateral Commission meeting said.

The three countries, which are essentially agriculture and primary product exporters, have agreed to operationalise the specially constituted fund for tackling poverty — a common problem among all of them.

While India and Brazil will contribute $ 1,00,000 each, South Africa will give $ 50,000 as seed money to the fund, which will subsequently be increased by tapping various sources. All developing countries could avail of the facilities from this fund.

The IBSA group also decided to set up a Trilateral Business Council aimed at promoting trade and commerce among each other.

Brazilian Foreign Minister Celso Amorin and South African Foreign Minister Nkosazana Dlamini-Zuma addressed a press conference in Hyderabad House jointly with External Affairs Minister Yashwant Sinha. Mr Sinha said that the objective of the grouping was to improve cooperation and it should not be seen as being opposed to any entity.

“It is not against anyone and it has everything positive and constructive on the global scene”, he said.

The IBSA countries are among the major nations of the G-21 grouping, which had successfully negotiated the cause of developing nations during the WTO ministerial meeting at Cancun in August last year. The next WTO ministerial meeting is scheduled for 2005 in Beijing.

“We stood together in Cancun and we have determined to continue with that solidarity”, Mr Sinha said.