The first-ever summit of the India-Brazil-South Africa Dialogue Forum began on Tuesday in Brasilia, the Brazilian capital, with the leaders of the three countries stressing the need to empower millions of people living in Asia, Africa and Latin America.
Prime Minister Manmohan Singh, Brazilian President Luiz Inacio Lula da Silva and South African President Thabo Mbeki discussed issues ranging from technological cooperation to improving air linkages among the three nations.
Addressing the summit, Dr Singh said: "The IBSA needs to pursue with determination the target of $10 billion in intra-IBSA trade that was set in New Delhi in June 2003."
"It was just three years ago that our three democracies decided to come together, linking three great continents. The success of our experiment will empower millions of people in Asia, Africa and Latin America," he added.
"Trade and tourism between the three nations have not yet reached its full potential," the prime minister said. "We have to take bold decisions to make things work."
"South Africa has coal gasification technology and a well developed synthetic industry while Brazil is a world leader in the use of ethanol.
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India, on the other hand, has expertise in wind and solar energy. IBSA can effectively utilise our respective competitive strengths to come up with alternative technologies," Dr Singh observed.