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Brazil Property News: Brazil joins forces with India and South Africa
4th October 2007 03:04
Brazil, India and South Africa are expected to launch joint trade initiatives this month, according to government officials.
The South African foreign ministry said the countries would concentrate on aviation and shipping deals, in anticipation of a summit to be held on October 17th between President Lula, the Indian prime minister, Manmohan Singh, and the South African president Thabo Mbeki.
A seminar on energy technologies and gender issues will also be held ahead of the summit which is part of the India, Brazil and South Africa (IBSA) project.
It is hoped that the proposed trade framework will give the three emerging economies the power to negotiate with the richer countries of the northern hemisphere.
South Africa's head of the Asia and Middle East division of the department of foreign affairs said: "IBSA is about business. IBSA is about unlocking the potential of the South."
At the forthcoming summit IBSA hopes to increase trade relations between the three countries to $10 billion (£5 billion) per year.
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