India and Brazil have decided to reactivate the CEOs Forum composed of members of industry and trade representing the two countries. The proposal to revive the dormant forum was made by Prime Minister Manmohan Singh and Brazilian President Dilma Rousseff at a 45-minute bilateral meeting on Thursday after the conclusion of the third BRICS Summit meeting.
Singh noted bilateral trade between India and Brazil was around only $8 billion, far below the potential, in spite of the many synergies of trade and economic co-operation that existed between the two countries. Rousseff agreed to the need for improving bilateral trade. A suggestion to set up Indo-Brazilian joint ventures in information technology and high-technology areas was mooted and generally endorsed by the two leaders.
Singh and Rousseff discussed their respective experiences in socially inclusive growth in their countries. The idea of setting up a forum where the two countries could share experiences in this area came up for consideration. The two leaders also spoke of the need for United Nations reforms and the role the two countries could play in an expanded Security Council. Singh also thanked Brazil for the support it extended to India at the Nuclear Suppliers Group when India needed its support.
In spite of the formation of BRICS, the two leaders felt IBSA (a group consisting of India, Brazil and South Africa) should continue to remain operational and effective as before, they observed.
South African President Jacob Zuma, when he met Singh for 45 minutes later in the day, also supported continuation of IBSA. Zuma was thankful to India for support to candidature to become a full-fledged member of BRICS. The two leaders felt the current target of bilateral trade, set at $12 billion, did not reflect the true potential. The target, therefore, should be raised to $15 billion to be achieved by 2012.