India, Brazil and South Africa signed the IBSA Trust Fund Agreement that seeks to fight poverty in developing countries.
The agreement was signed by Minister of State for External Affairs V K Singh who led the Indian side at the 8th IBSA trilateral Ministerial Commission Meeting in Durban.
The IBSA Trust Fund brings together the three emerging economies of India, Brazil and South Africa to combat poverty in other developing countries.
Each country contributes USD 1 million annually to this fund which is managed by the UN Development Programme’s (UNDP) Special Unit for South-South Cooperation.
IBSA [India, Brazil & South Africa]
IBSA is a unique Forum which brings together India, Brazil and South Africa, three large democracies and major economies from three different continents, facing similar challenges. All three countries are developing, pluralistic, multi-cultural, multi-ethnic, multi-lingual and multi-religious nations.
The idea of establishing IBSA was discussed at a meeting between the then Prime Minister of India and the then Presidents of Brazil and South Africa in Evian on 2 June 2003 on the margins of the G-8 Summit. The grouping was formalized and named the IBSA Dialogue Forum when the Foreign Ministers of the three countries met in Brasilia on 6 June 2003 and issued the Brasilia Declaration.
Cooperation in IBSA is on three fronts: first, as a forum for consultation and coordination on global and regional political issues, such as, the reform of the global institutions of political and economic governance, WTO/Doha Development Agenda, climate change, terrorism etc.; second, trilateral collaboration on concrete areas/projects, through fourteen working groups and six People-to-People Forums, for the common benefit of three countries; andthird, assisting other developing countries by taking up projects in the latter through IBSA Fund.
The success of IBSA reflects an important demonstration effect. It demonstrates, most vividly, the desirability and feasibility of South-South cooperation beyond the conventional areas of exchange of experts and training. IBSA success in contributing to discourse on global issues also shows the importance of engaging with the countries of the South.