IBSA Calls on European Markets to Prevent a Double Dip Recession

  • Tue Oct 18th 2011

The fifth India-Brazil-South Africa Dialogue Forum was held today Tuesday in Pretoria where Indian Prime Minister Manmohan Singh, Brazil President Dilma Rousseff and South African President Jacob Zuma attended.

Prime Minister Singh addressing the summit urged the European Union, America and Japan to take effective measures to calm the financial markets thereby preventing another global recession. "We hope that effective steps will be taken by Europe and other economies to calm the capital and financial markets to prevent the global economy from slipping into a double dip recession,” he said.

Prime Minister Singh also stated, "We should coordinate our positions in the run-up to the G20 summit in France to ensure that the priorities of developing economies are adequately reflected."

Brazilian President Rousseff also pushed towards the need for a credible agreement by the European countries so as to be able to control and prevent the crisis. She also called for immediate peace in Syria.

South African President Jacob Zuma addressing the urgent issue of piracy in the Indian and Atlantic oceans hoped the three countries could work together in curbing the violence.

According to Minister of Trade and Industry in South Africa, Rob Davies intra trade between the IBSA countries has reached nearly $16.1 billion and he is confident of boosting that up to $25 billion by the end of 2015.

"The current figures suggest that in 2010 we achieved 16.1million US dollars, which places us somewhere in striking distance to achieve the current target which is 25 billion dollars combined intra trade by the year 2015," said Minister Davies.

India, Brazil and South Africa are all members of the United Nations Security Council

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