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Our Bureau

New Delhi, Sept. 13

Trade facilitation under IBSA (India, Brazil and South Africa) could achieve a target of $15 billion trilateral trade by 2009, estimates the Confederation of Indian Industry.

In 2005, trilateral trade between the countries stood at $6 billion and the target set for 2007 is $10 billion. To make the initiative successful, the countries will have to work towards mutual recognition of standards, especially in agricultural products, pharmaceuticals and engineering goods. Further, to boost the trilateral investments, the Governments must also address the issue of air and sea transportation links as well as of inadequate banking and insurance facilities.

The chamber feels that while India and South Africa looked forward to invest in Brazilian companies, Brazil yet has to make investments in these two countries. The chamber considers Brazilian investments into areas like energy and food processing crucial for economic cooperation between the countries.

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