India's Manmohan Singh Calls for Reform of G8, United Nations
Jay Shankar and Bibhudatta Pradhan
``We need, more than ever before, a renewed effort to reform the institutions of international governance,'' Singh said.
The three countries, which haven't been directly affected by the global financial turmoil, want to serve as growth poles for each other and focus on their role in the evolving financial architecture, India has said.
``We are meeting against the backdrop of the international financial crisis,'' Singh said. ``Our voice on how to manage this crisis in a way that does not jeopardize our developmental priorities needs to be heard in international councils.''
The so-called IBSA grouping, which brings together the three emerging economies from Asia, Africa and Latin America, is aimed at promoting cooperation in various sectors, including energy, agriculture and trade. They collectively fought for the rights of developing nations at World Trade Organization talks.
All the three nations need to work toward the conclusion of the Doha Round of trade talks in a manner that promotes development and inclusive growth, Singh said.
South African President Kgalema Motlanthe, Brazilian President Luiz Inacio Lula da Silva and Singh are leading their delegations to the meeting.
The IBSA countries aim to achieve a trade target of $15 billion by 2010 from the current level of $10 billion.
To contact the reporters on this story: Jay Shankar in Bangalore at jshankar1@bloomberg.net; Bibhudatta Pradhan in New Delhi at bpradhan@bloomberg.net.
Last Updated: October 15, 2008 04:28 EDT