March 4, 2004 ☼ Economy

India, Brazil and South Africa drew closer due to Cancun. It now appears that the loose alliance could solidify into a trilateral free trade agreement. However, it is still being handled by Foreign Ministers, and may be a while before the Commerce and Trade ministers get into action. That’s when the fun starts…

Foreign Ministers of the three countries, meeting under the India, Brazil, South Africa (IBSA) Dialogue Forum, are likely to announce a trust fund under the aegis of UNDP to address problems of poverty and hunger by providing greater access to education, health and other areas.

At the two-day meeting, the three sides will exchange views on setting up of free trade area among them.[Business Line]

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