India, Brazil and South Africa (IBSA) have signed the IBSA Trust Fund Agreement at the 8th IBSA trilateral Ministerial Commission Meeting in Durban, South Africa which aims to fight poverty in the developing countries.
The agreement was signed by Minister of State for External Affairs V K Singh who led the Indian side at the 8th IBSA trilateral Ministerial Commission Meeting in Durban along with Brazil’s Foreign Minister Aloysio Nunes Ferreira and South African Foreign Minister Maite Emily Nkoana-Mashabane. The IBSA fund was established in March 2004 and became operational in 2006.
The three emerging economies of India, Brazil and South Africa are brought together by IBSA to combat poverty in other developing countries particularly Least Developed Countries (LDCs) and Post Conflict Reconstruction and Development (PCRD) countries around the world in partnership with the UN by contributing USD 1 million annually to this fund which is managed by the UN Development Programmes (UNDP) Special Unit for South-South Cooperation.
“Cooperation among developing countries, or South-South cooperation, is a critical tool for achieving the internationally agreed development goals, and to which the UN system is strongly committed”, said in a statement by The United Nations Development Programme.
The IBSA dialogue forum brings together three countries basically the three major democracies and major economies from three different continents namely, Africa, Asia and South America that represents three important poles for galvanizing South-South Cooperation. It provides a platform to three countries to engage in discussions for cooperation in the field of agriculture, trade, culture, and defence among others. Closer coordination on global issues between three large multicultural and multiracial democracies are done along with the contribution to enhancing trilateral cooperation in sectoral areas. Based on the experience, the IBSA countries utilise successful methods, technologies and initiatives and work with interested countries in distributing this expertise and knowledge as they can benefit those facing similar developmental challenges. This Fund also recognizes the important role it can play in countries emerging from conflict that face a number of developmental challenges as peace and development are mutually reinforcing.