Brazil and India to Quadruple Bilateral Trade to US$ 10 Billion by 2010

    Lula raises his Nehru award in India

    Lula raises his Nehru award in India Brazil, which aspires to a permanent seat in a future expanded UN Security Council along with India, strongly advocated the need for inclusion of "great nations of the South" in the global decision making bodies to create a "more representative" international order.

    Brazilian President Luiz Inácio Lula da Silva, who was conferred with the Jawaharlal Nehru Award for International Understanding, in New Delhi, said his country and India needed to "intensify alliances and explore complementarities" as both were multi-cultural democracies.

    "The inclusion of the great nations of the South in global decision making bodies is crucial for creation of the world order that is more representative, peaceful and bound by solidarity," said Lula after receiving the prestigious award from Indian President A P J Abdul Kalam.

    Significantly, Brazil and India are aspirants for permanent membership of expanded UN Security Council and are working together in this endeavor under the framework of G-4. Other members of G-4 are Japan and Germany.

    Lula also favored further intensification of partnership between India and Brazil for "common solutions to challenges that still hold back our economic and social progress."

    The two countries are already cooperating and coordinating their approaches at the WTO talks in an effort to protect interests of the developing countries.

    The Brazilian president, of very humble working class background, was given the award for his outstanding role on the world stage, particularly by championing the political and financial support for eradication of poverty and hunger in the world.

    Lula is credited with streamlining and expanding the income-transfer schemes which benefited over 11 million "poorest of the poor" in his country, without jeopardizing the macro-economic stability.

    Earlier recipients of the award include personalities like Mother Teresa, Nelson Mandela, Olof Palme and Martin Luther King.

    The Joint Declaration said the leaders of the two countries also stressed the need for early holding of the first meeting of the India-Brazil Defense Committee. Keen to boost their economic and investment ties, the two countries set a trade target of US$ 10 billion to be achieved by 2010, a four fold increase over present values.

    They stressed the importance of simultaneously developing greater connectivity between the two countries and investment in each other's economies, especially in the infrastructure sector, the declaration said.

    The two sides agreed to launch joint campaigns in the years ahead for the development of bilateral trade and economic relations, with both facilitating participation in each other's economies by their entrepreneurs, businessmen, service professionals, scientists and technologists.

    Mercopress

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    • AES

      Should be good for Bovespa. Monday 55,000

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