Publications
Partners
Pretoria - Indian Prime Minister Manmohan Singh urged the world’s rich countries on Tuesday to contain their financial crises and prevent the global economy from slipping into a double dip recession.
Speaking at the fifth India, Brazil South Africa (IBSA) summit in Pretoria, Singh said financial turmoil in Europe, the United States and Japan was hurting developing countries.
“Developing countries cannot remain untouched by the negative impact of these developments,” he said.
“We hope that effective steps will be taken by Europe and other economies to calm the capital and financial markets to prevent the global economy from slipping into a double dip recession.”
The summit is meant to boost trade between the Asian, African and South American giants, come up with measures to counter piracy in the Indian and Atlantic oceans and strengthen negotiating positions on climate change.
However, its importance as a diplomatic forum has been overtaken by South Africa’s admission this year to the wider Brics grouping, that also includes China and Russia.
South Africa’s Department of Trade and Industry said IBSA trade stood at $16.1bn in 2010 and the bloc was in “striking distance” of hitting $25bn by 2015.
Speaking at the fifth India, Brazil South Africa (IBSA) summit in Pretoria, Singh said financial turmoil in Europe, the United States and Japan was hurting developing countries.
“Developing countries cannot remain untouched by the negative impact of these developments,” he said.
“We hope that effective steps will be taken by Europe and other economies to calm the capital and financial markets to prevent the global economy from slipping into a double dip recession.”
The summit is meant to boost trade between the Asian, African and South American giants, come up with measures to counter piracy in the Indian and Atlantic oceans and strengthen negotiating positions on climate change.
However, its importance as a diplomatic forum has been overtaken by South Africa’s admission this year to the wider Brics grouping, that also includes China and Russia.
South Africa’s Department of Trade and Industry said IBSA trade stood at $16.1bn in 2010 and the bloc was in “striking distance” of hitting $25bn by 2015.
