Wednesday, September 13 2006 12:21 Hrs (IST) - World Time -

Brasilia: A major economic and political cooperation initiative among three democracies of as many continents will take off today at the first summit of leaders of these countries at the India-Brazil-South Africa dialogue forum.

Prime Minister Manmohan Singh, President Lula Da Salva of Brazil and President Thabo Mbeki of South Africa will meet and finalise a declaration that is expected to cover efforts to seek closer cooperation among the three countries in areas like agriculture, energy, defence, health, science and technology and trade and investment.

Issues like the need for concerted fight against the scourge of terrorism, UN reforms, especially on the question of expansion of the Security Counci and universal nuclear disarmament are some of the political issues that are expected to be discussed at the summit.

The implementation of the existing India-Mercosur Preferential Trading Agreement and its possible widening and deepening and other similar initiatives to cover India-Mercosur and Southern African Customs Union are expected to act as a quantum multiplier.

On the investment front, efforts under the IBSA dialogue forum are said to be showing some positive engagement between the IBSA countries. Burgeoning relations among the IBSA countries, however, exposed certain structural bottlenecks and impediments and the summit is expected to address them.

MoUs are intended to be signed to facilitate maritime transport, agriculture, ethanol, information society and customs cooperation. Efforts are also underway to intensify cooperation in several others areas.