Document Abstract
Published:
1 Oct 2008
South-South cooperation: for shared prosperity and inclusive globalisation
The potential for south-south co-operation
This paper details excerpts from the inaugural address by Indian external affairs Minister, Shri Pranab Mukherjee at the academic forum of India, Brazil, and South Africa (IBSA) Partnership for Shared Prosperity and Inclusive Globalisation.
It is explained that recent trends suggest that developing countries are revitalising South-South cooperation as a new engine of growth. Developing countries in different regions are also establishing their own schemes of regional economic integration. South-South trade is growing rapidly. With the emergence of new dynamic enterprises in these countries even South-South investments and technology transfers have begun to increase. IBSA is among the latest developments with respect to South-South cooperation set up to explore the possibilities for closer economic cooperation in a Trilateral Dialogue for mutual benefit and for international development.
Key points include:
It is explained that recent trends suggest that developing countries are revitalising South-South cooperation as a new engine of growth. Developing countries in different regions are also establishing their own schemes of regional economic integration. South-South trade is growing rapidly. With the emergence of new dynamic enterprises in these countries even South-South investments and technology transfers have begun to increase. IBSA is among the latest developments with respect to South-South cooperation set up to explore the possibilities for closer economic cooperation in a Trilateral Dialogue for mutual benefit and for international development.
Key points include:
- apart from shared political and economic history there are significant synergies between IBSA countries that offer fertile ground for economic cooperation - over the years these countries have built up substantial capability in different spheres
- the strategic potential of IBSA partnership should be exploited in building a more inclusive and equitable global economic order - this would include Indian cooperation along with other co-developing countries in shaping a more development-friendly world trading system that is responsive to our developmental aspirations
- turmoil in the global markets further enhances the imperative of South-South cooperation. In these times, southern countries can serve as growth poles for each other. India-Brazil and South Africa, being amongst the leading economies of the three continents are also conscious of their responsibility to other developing countries - hence they have set up an IBSA Fund for Poverty Alleviation
- the IBSA cooperation has a potential to emerge as a new role model for the South-South cooperation in the new millennium.
