South Africa is joining forces with fellow emerging market giants India and Brazil in order to coordinate a response to the current financial crisis that is engulfing markets around the world, it was announced at the close of the third Ibsa Summit in India.

"We have decided to instruct our Finance Ministers and Governors of Reserve Banks to meet as soon as possible to create a coordinating mechanism," to address the current crisis, said Indian Prime Minister Manmohan Singh.

South African president Kgalema Motlanthe also said that the three leaders had “discussed the consolidation and expansion of trade among our countries."

“We have full control over our financial systems. The second task is not to allow this crisis to affect our countries. We should be more bold, have more determination. We should establish much greater trade flows between emerging countries, and strengthen our internal markets,” added Brazilian President Luiz Inacio Lula da Silva.