Brazil, India and South Africa announced their plans on Tuesday to boost trilateral trade ties via negotiations aimed at reaching agreements to increase trade flow to 25 billion U.S. dollars by 2015.
The three countries now have an annual trilateral trade flow of10 billion dollars.
The announcement was made jointly by Brazilian Foreign Minister Celso Amorim, Indian Foreign Minister S. M. Krishna and South African Foreign Minister Maite Nkoana-Mashabane, who were attending the 6th India, Brazil and South Africa (IBSA) Ministerial Commission meeting.
The three countries are to negotiate through the framework of the Southern Common Market (Mercosur), Southern Africa Customs Union (SACU) and the Indian government.
Created in 2003, the IBSA has a combined population of 1.4 billion people and a gross domestic product of 3.2 trillion dollars.
Amorim told reporters that negotiations between India and the SACU had begun and that the foreign ministers of the three countries had approved preferential trade agreements between India and Mercosur and agreements between the SACU and Mercosur.
