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Lula, Singh seek to broaden trade relations
Published in Saudi Press Agency on 15 - 04 - 2010


Brazilian President Luiz Inacio Lula da Silva and
Indian Prime Minister Manmohan Singh agreed Thursday to increase
talks to broaden trade relations between India and Mercosur, a South
American trade bloc led by Brazil according to dpa.
In a meeting in Brasilia, Lula and Singh also agreed to diversify
bilateral trade. Their common goal is to reach 10 billion dollars in
bilateral exchanges in 2010, a considerable leap from last year's 5.6
billion dollars.
Brasilia was hosting Thursday the summits of the groups known as
IBSA (India, Brazil and South Africa) and BRIC (Brazil, Russia, India
and China).
Lula and Singh also tackled multilateral issues, particularly the
need to reform international organizations.
"The two leaders shared the view on the urgent need to strengthen
the participation of developing countries in the decision-making
processes within the multilateral financial institutions, such as the
International Monetary Fund and the World Bank, and political bodies,
such as the United Nations," they said in a joint statement.
"They reaffirmed their commitment for the reform of the United
Nations, particularly of the Security Council, including through its
expansion in both permanent and non-permanent membership, with a view
to improving its efficiency ... and legitimacy needed to meet the
challenges faced by the international community."
Singh and Lula vowed to press for a revitalization of the Doha
Round of talks at the World Trade Organization (WTO), which has been
stalled for years.
"The prolonged inconclusiveness of the negotiations may threaten
the credibility of the rule-based multilateral trading system, which
has proved its relevance in resisting protectionism during the recent
global economic crisis," the statement said.
India and Brazil were to increase cooperation in the fields of
science and technology, nuclear and other forms of energy, and
defence, among others.


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