Why in the News?

On September 26, 2024, External Affairs Minister Dr. S. Jaishankar attended a productive IBSA Foreign Ministers' meeting with Brazilian Minister Mauro Vieira and South African Minister Ronald Lamola.

He emphasized the significant role of IBSA countries in global discussions on development, Sustainable Development Goals (SDGs), poverty reduction, multilateralism and South-South cooperation. The ministers agreed on the need to reform the UN system, including the Security Council and highlighted the importance of intensified consultations as discussions become more urgent.

About IBSA

• It is an acronym for India, Brazil and South Africa.
• It is a forum that brings together these three large democracies and economies.
• It also seeks to promote South-South cooperation and exchange.
• Formalised: 6^th June 2003, in Brasilia, Brazil and issued Brasilia Declaration.
• Joint Naval Exercise: IBSAMAR (IBSA Maritime Exercise)
• IBSA Fund
  • Established: 2004
  • India, Brazil and South Africa Facility for Poverty and Hunger Alleviation aims to combat poverty and hunger.
    • The fund is managed by the United Nations (UN) Office for South-South Cooperation (UNOSSC). Each IBSA member country is required to contribute $1 million per annum to the fund.
  • Objectives:
    • To alleviate poverty and hunger in nations of the South;
    • To develop best practices in the fight against poverty and hunger by facilitating the execution of replicable and scalable projects in interested countries of the global south;
    • To pioneer and lead by example the South-South cooperation agenda;
    • To build new partnerships for development.

EAM Dr. S. Jaishankar in IBSA Foreign Ministers’ Meeting.