At by-lines of the 42nd assembly of the World Economic Forum (WEF), the Trade Ministers forum of IBSA (India-Brazil-South Africa) met in Davos, in order to retrospect the existing worldwide financial and economic condition. They echoed the fifth Summit of the Heads of State and Government of the IBSA Dialogue Forum that took place in Pretoria in October 2011 which emphasised the significance attached by the three nations to synchronization on large-scale issues. IBSA Ministers came out with a statement following the meeting.
Apprehension for the fallible and unfirm economic situation in several nations and regions, which lays a grave challenge for the economic policy and development panoramas of developing and low income nations. In this setting, they stressed that groovier policy coordination is demanded to ascertain firm, sustainable and poised growth of the world-wide economy. They realized that Brazil, India and South Africa are doing their part to boost growth although preserving economic constancy and successfully furthering social development. They rechecked their dedication to carry on their attempts in this way.
The Trade Ministers emphasised the significance of dissenting protectionist trends in the existing global economic situation, counting competitive devaluation and regulatory measures that cover their real protectionist ends. They also emphasised the significance that developing countries use WTO reliable instruments to attain their genuine targets of growth, development and stability. They also observed that aberrations induced by high levels of protection in the form of tariffs and subsidies in agriculture in developed countries carry on to sabotage the development aspects of developing countries, particularly the LDCs amidst them.
The Ministers conveyed dashing hopes at the existing deadlock in the Doha Development Agenda (DDA) negotiations. They ingeminated the demand to resolve the Doha Round as soon as possible, resting on the substantial advancement already attained and on the measured balance of conceding negotiated since the launching of the Round in 2001. The Ministers rechecked their allegiance to uphold working on the Doha Development Agenda, particularly with a perspective to ease prompter consequences that bear on the development attribute of the mandate agreed upon in Doha in 2001. These betimes results would be building blocks towards meeting the mutual aim of concluding the single undertaking. The Ministers emphasized that “plurilateral initiatives” go against the basicses of transparency, inclusiveness, and multilateralism. These initiatives undermine the resolve of WTO Members to surmount the essential gaps that exist among them and also die to address the growth deficit inherited from former negotiating rounds.
The Ministers also emphasised their trust in South-South cooperation, which is a contract amid equals that must be led by honour for equality, national sovereignty and ownership. Acknowledging that South-South cooperation aids nations to face mutual challenges, the Ministers emphasized the significance of such go-ahead.