Prime Minister of India - Dr. Manmohan Singh

PM's speech at the IBSA CEO's Business Meeting

"It was just over three years ago that our three democracies, open economies seeking to build inclusive societies, decided to come together, linking three great continents. Reaching across geographical distances, our partnership illustrates the global village in which we live together today. The success of our experiment to pursue development within the framework of an open economy and an open society is vital to the well being and empowerment of millions and millions of people in Asia, Africa and Latin America.

We are heartened by the cooperation that has developed in the IBSA framework over the last three years. It is India�s firm belief that IBSA needs to be more than a project of three Governments. We are, therefore, pleased with the success of the Business Event that was held yesterday in which representatives of the business communities of all three countries participated.

The advantages of such trilateral cooperation are plainly evident when one considers, for example, the area of energy security. In IBSA, we are fortunate to have a veritable pool of expertise, wisdom and experience. Brazil is a world leader in the use of ethanol. South Africa has coal gasification technology and a well-developed synthetic fuel industry. India, on the other hand, has expertise in wind and solar energy. IBSA can be effective in utilizing our respective competitive strengths in these alternative energy technologies.

The increase in intra IBSA trade over the last three years is a matter of considerable satisfaction. We need to pursue with determination the target of US $ 10 billion in intra-IBSA trade that was set in the New Delhi Plan of Action adopted in March 2004. We are in discussion regarding a possible trade arrangement that would link India with MERCOSUR and the Southern African Customs Union. We expect this would create a large and expanding economic space that would allow the utilization of synergies in trade and technology. Besides trade liberalization, we also plan to institute arrangements that would address issues relating to the facilitation of trade in goods, services and of investments. As a start, we propose to establish an IBSA mechanism for exchange of information and of experiences on regulatory issues and for the organization of sector-specific workshops and seminars on technical regulations and conformity assessment procedures. We would also examine the possibilities of harmonizing standards.

We recognize that transportation links are critical and the challenge lies in operationalizing framework agreements in transport connectivity signed by the three countries. Trade and tourism remain much below potential because of problems of connectivity. On the other hand, for connectivity to be established, there is a requirement of a minimum demand base. There would be a willingness on our part to take bold decisions that have,as their basis, our common faith in the future of IBSA.

I am very happy to have had this opportunity to meet the representatives of the business communities of the three countries in the distinguished presence of the Presidents of Brazil and South Africa. In each of our countries, business and government must work together to fully exploit the potential of IBSA. And I have no doubt that there is immense potential in unexplored areas in diverse fields of social and economic activity. Governments can at best work towards facilitating this. The gathering of leaders of business and trade is an expression of our joint commitment to make IBSA a win-win experience for all of us. Promoting greater understanding of each other and fostering the habit of working together regionally, multilaterally and in the context of our three countries is essential in this regard. This Meeting today is, therefore, an important part of the IBSA Summit and we look forward to hearing what the captains of our business community have to say."