International Current Affairs

India, Brazil, South Africa sign IBSA Trust Fund agreement

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.

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October 17: The International Day for the Eradication of Poverty

The International Day for the Eradication of Poverty (IDEP) is observed every year on October 17 to raise people’s awareness of the need to eradicate poverty and destitution worldwide, particularly in developing countries.

The 2017 theme ‘Answering the Call of October 17 to end poverty: A path toward peaceful and inclusive societies’. It seeks to remind importance of the values of dignity, solidarity and voice underscored in the Call to Action to fight to end poverty everywhere.

This year’s celebration also marks 25th anniversary of declaration of IDEP by UN General Assembly (UNDP). It also marks 30th anniversary of “Call to Action” by Father Joseph Wresinski which had inspired observance of October 17 as World Day for Overcoming Extreme Poverty and recognition by UN day as the IDEP

Background

The International Day for the Eradication of Poverty (IDEP) was instituted by UNGA by adopting a resolution on 22 December 1992 to promote awareness among people to eradicate poverty and destitution around the world particularly in developing countries. It was observed for the first time in 1993.

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