The current financial crisis dogging global markets has only served to underline the importance of trade relations between the members of Ibsa – India, Brazil and South Africa – so say business leaders attending the third Ibsa Business Summit in Delhi yesterday.
 
Business leaders noted that the three Ibsa countries have been largely sheltered from the present crisis, not because of increasing trilateral trade relations, but because none of the countries allowed easy credit.

“I think the significant thing about this global crunch, which will affect us in the medium term, is how we continue to insulate ourselves - by increasing our trade with other South countries, and especially Ibsa," said Business Unity South Africa CEO Jerry Vilakazi.

"All three Ibsa countries are going to show positive gross domestic product (GDP) growth this year," added Confederation of Indian Industries Latin America committee chairperson Madhur Bajaj.