The New Nation - Internet Edition

AFP, New Delhi

Leaders from emerging economic powers India, South Africa and Brazil were meeting here Wednesday for an annual summit set to be dominated by the global financial crisis, food and fuel prices.

Indian Prime Minister Manmohan Singh is hosting Brazilian President Luiz Inacio Lula da Silva and South African President Kgalema Motlanthe for the third annual India-Brazil-South Africa (IBSA) conference.

"The summit will provide leaders an opportunity to exchange views on international and regional issuest I have no doubt that this will include the global financial crisis and food and energy security issues," Indian foreign ministry official Nalin Surie told reporters.

IBSA, which came into existence in 2003, groups some of the largest economies in Asia, Africa and South America.

The three countries, which have a combined population of 1.3 billion, believe they can best achieve results on issues such as World Trade talks and push through UN Security Council reforms by working together.

IBSA member states are also eyeing permanent seats at the UN Security Council.

The trilateral trade target among IBSA member states has been set at 15 billion dollars by 2010, up from around 10 billion dollars a year ago.

Surie said IBSA member countries would sign up to seven agreements and action plans to further cement ties in trade, investment and the environment.

"IBSA is developing well and gaining salience. It is our intention to further strengthen this unique forum of three very large developing country democracies from three different continents," Surie said. Meanwhile India and Brazil have said a prompt breakthrough in the global trade talks would send a clear signal about the political will of governments to collectively meet risks to the world economy from the financial crisis.

In a joint statement on Tuesday, Indian Trade Minister Kamal Nath and Brazil's External Relations Minister Celso Amorim said it was still possible to conclude modalities in the trade talks, and reaffirmed their commitment to such an outcome.

"Both the ministers exchanged views on possible trade impacts of the current international financial crisis," the statement said.

India and Brazil are key members of the Group of 20 nations, and have been leading the developing countries charge at the trade talks.

The ministers welcomed the resumption of the multilateral process and expressed their support to the programme devised by heads of the agriculture and non-agricultural market access (NAMA) groups.

"They emphasised the need for a prompt breakthrough in the Doha Development Agenda negotiations, which would be an unequivocal sign of the political will of governments around the world to act collectively to address the present challenges and risks to the global economy," the statement said.

Differences between the United States and developing country food exporters on the one hand and India and other big developing country importers on the other torpedoed talks among trade ministers two months ago.

Since then official-level negotiations on farm and opening up trade in industrial goods have resumed.

Both countries expressed concern with late attempts in the failed round of talks to increase demands on developing countries in the negotiations, and called for maintaining the coordination of the two negotiating teams in the discussion in Geneva.