IBSA Current Affairs
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A meeting between external affairs ministers of India, Brazil and South Africa was organized in Pretoria, South Africa. This ministerial summit chaired by India’s External Affairs Minister Sushma Swaraj was attended by South African Minister of International Affairs and Cooperation Lindiwe Sisulu and the Brazilian Deputy Minister of Foreign Affairs Marcos Bezerra Abbott Galvao.
The outcome of this meeting was a document titled IBSA Declaration on South-South Cooperation. This document calls for contribtion of each of the member of IBSA forum to contribute to greater understanding of development cooperation as a common endeavour of the global South.
IBSA Dialogue Forum, comprising India, Brazil, South Africa, is a tripartite group which supports promotion of cooperation in various fields between these three important poles of South-South cooperation. Main objective of IBSA include:
- To promote South-South cooperation by making an important axis between three important countries of three continents viz. India, Africa and South America.
- To build consensus on issues of international importance such as UN and UNSC reforms and reforms in Brettonwoods Organizations.
- To increase trade / exchange of information opportunities between the three countries and their efforts in international poverty alleviation and social development.
IBSA was established in 2003 via Brasilia Declaration by external affairs ministers of India, Brazil and South Africa.
India, Brazil and South Africa (IBSA) have signed the IBSA Trust Fund Agreement that seeks to fight poverty in developing countries. It was signed at the 8th IBSA trilateral Ministerial Commission Meeting in Durban, South Africa.
IBSA Trust Fund
It brings together the three emerging economies of India, Brazil and South Africa to combat poverty in other developing countries. Each country will contribute US $1 million annually to this fund which is managed by the UN Development Programme’s (UNDP) Special Unit for South-South Cooperation.
IBSA Dialogue Forum
The IBSA (India, Brazil and South Africa) Dialogue Forum is an international tripartite grouping for promoting international cooperation among these countries. It was launched in June 2003. It brings together three large democracies and major economies from three different continents namely, Africa, Asia and South America that represents three important poles for galvanizing South-South cooperation.
The forum provides the three countries platform to engage in discussions for cooperation in the field of agriculture, trade, culture, and defence among others. It has become instrumental for promoting closer coordination on global issues between three large multicultural and multiracial democracies and also contributed to enhancing trilateral cooperation in sectoral areas.
Cooperation in IBSA is on three fronts
- Forum for consultation and coordination on global and regional political issues, such as reform of global institutions of political and economic governance, WTO/Doha Development Agenda, climate change, terrorism etc.
- Trilateral collaboration on concrete areas and projects, through 14 working groups and 6 People-to-People (P2P) Forums, for the common benefit of three countries
- Assisting other developing countries by taking up projects in the latter through IBSA Fund.