India, Brazil and South Africa are planning to enter into a trilateral free trade agreement, linking three economic powerhouses of Asia, Latin America and Africa in what would be a major South-South FTA. It is still unclear whether IBSA would liberalise trade between the three national markets or those of SACU (for South Africa), Mercosur (for Brazil) and India.
IBSA as an institution is making slow progress and it seems likely that some FTA between the three will eventuate. In April 2010 the three governments signed scientific cooperation agreements. South Africa hosted the fifth annual IBSA Dialogue Forum in October 2011.
last update: May 2012
photo: GovernmentZA/CC BY-ND 2.0
The "strategic alliance" that is the India-Brazil-South Africa trilateral axis is now more than simply a dialogue but a "privileged relationship" favouring a world where democracy will prevail not only in its political manifestation but also on social and cultural levels
Certain analysts were critical of the summit’s achievements, saying it failed to make real headway with matters central to trade between the three regional powers — such as tariffs.
The declaration issued after the Tshwane India-Brazil-South Africa (IBSA) Summit on 17 October 2007.
India, Brazil and South Africa cemented their trilateral cooperation by signing seven agreements here Wednesday and resolved to push for a free trade area, with Prime Minister Manmohan Singh calling for considerably enhancing trade among the three.
IBSA was conceived in 2003 to counterbalance the powerful Group of Eight alliance of industrialised countries and to promote South-South cooperation. But a reality check reveals that all three IBSA members still do by far most of their business with industrialised countries.
The India-Brazil strategic partnership formalised in September last year during Prime Minister Manmohan Singh’s tour of the South American country will be reinforced this week with specific inputs on trade and technology, according to official sources.
The meaning of my visit to India - the second one since my election as the President of Brazil - is to reiterate our readiness to forge a strategic alliance between our countries as I announced during my inaugural address in 2003. The visit of Prime-Minister Manmohan Singh to Brasilia in 2006 has greatly contributed to reinforce this partnership.
Following a comprehensive examination of the most recent merchandise trade flows between the relevant countries this paper looks at the possible economic results from removing all merchandise tariff barriers between the three partners of India, Brazil and South Africa/SACU.
The two-day visit of Prime Minister Manmohan Singh to Brasilia, the capital of Brazil, is being projected as a decisive step in the consolidation of relations between three important countries of the South - India, Brazil and South Africa.
Indian, Brazilian, and South African business leaders have identified key issues that have to be addressed to allow the more rapid development of broader and deeper economic relations between the three countries.