Ministry of External Affairs Government of India

Your Excellency, Minister of Foreign Affairs, Ms. Maite Nkoana-Mashabane, of South Africa

Distinguished Delegates, Ladies and Gentlemen,

1. At the outset, I would like to thank our hosts, the Government and people of the Federative Republic of Brazil, for their warm hospitality extended to me and the members of my delegation and for the excellent arrangements made for sixth Trilateral Commission Meeting. I would like to take this opportunity to thank His Excellency Mr. Celso Amorim, who has been with IBSA since its inception, for his welcoming and exhaustive remarks. His experience and vision will, I am confident, guide us through our deliberations today. At this point of time, I would like to put on record the efforts and guidance provided by our predecessors, both in India and South Africa as well, in making this Forum so unique and full of promise.
2. I would like to take this opportunity to convey our sincere thanks to Brazil and South Africa for their unambiguous sympathy and support in the wake of the Mumbai terrorist attacks last November.
3. IBSA brings together on one platform our three dynamic developing country democracies with common principles and values which in itself is exemplary. We are committed to draw upon these commonalities and experiences for the betterment of the lives of our peoples.
4. The global financial and economic crisis was the result of failure of global regulatory and supervisory mechanism; excessive speculation and greed; and ideological preconceptions. The developing countries, including the emerging market economies, are also impacted and the worst affected victims as it would push millions of people, back into poverty for one full generation. The global financial and economic crisis has made it imperative to develop a better system of surveillance and regulation so as to detect early signs of systemic financial and economic imbalances and instability to address them effectively in a timely manner. There should be better and transparent regulatory mechanism for capital markets as well as a stronger voice for developing countries. In this connection, I would like to recall that at the instance of our leaders at the 3rd IBSA Summit held in New Delhi in October 2008, the IBSA Finance Ministers met on the sidelines of G-20 Finance Ministers' Meeting in November last year. At the G-20 Summit of Washington in November 2008, a blue print for action was produced which constituted a good first-step. The G-20 London Summit held in April 2009 built on that in concrete form. The most important challenge now is to implement the agreed elements in the Washington Action Plan and the London Communique. The G-20 Summit in September 2009 in Pittsburg, USA will review progress. Our collaboration in the G-20 process should be sustained.
5. This crisis has thus brought us closer. This is but emblematic of the promise of our cooperation on pressing global challenges of today. Cooperation amongst us in these current challenges, as three influential but developing countries, can be a game-changer in today's circumstances.
6. Allow me to congratulate and thank our colleagues the Focal Points and members of the Working Groups for the untiring efforts they have made in preparing for this meeting. I am confident, their recommendations put forward for our consideration would assist in reviewing the status of our cooperation.
7. IBSA has so far made considerable progress. Cooperation has been initiated in 16 key areas with Agreements signed in 14 of these. We have invited participation from a wide range of stakeholders, namely, businessmen, academics, civil society, media and women. We have the IBSA Ocean alliance and the IBSA Local Governance Forum, a Conference of Supreme Courts of IBSA Member Countries is to be established. We have initiated joint participation in Antarctic activities, IBSA countries contribution to the Fund for common cause of alleviation of poverty and hunger. We have exchanged views on regional and international issues of mutual interest and concern. The Working Group on Parliamentarians is expected to meet shortly for the early formation of IBSA Parliamentary Forum, which would of course, be an independent Forum.
8. A good plan of today makes every yesterday a dream of a good future, and every morning is a vision of hope. So there are lots of dreams and a bright future for us as IBSA to get nearer to our goals and dreams.
9. In conclusion, I would like to say that we are determined to make this Forum an effective example of successful and meaningful South-South Cooperation.