Why in the news?

  • South Africa hosted the IBSA leaders’ summit.

IBSA Dialogue Forum

  • What is it?: The IBSA Dialogue Forum (India, Brazil, South Africa) is an international tripartite grouping for promoting international cooperation among these countries.
  • Formation
    • Created in 2003.
    • The grouping was formalised under the name of the IBSA Dialogue Forum under the Brasilia Declaration.
  • Objectives
    • Enhance cooperation among developing countries for inclusive and equitable development.
    • Promote South-South dialogue on key international governance issues.
    • Foster collaboration in areas such as trade, environment, social development, and sustainable growth.
    • Strengthen cooperation in democratic governance, human rights, and international peace.
  • Initiatives by Grouping
    • IBSA Fund:
      • It was established in 2004 which facilitates the execution of human development projects to advance the fight against poverty and hunger in developing countries.
      • It is managed by the UN Office for South-South Cooperation (UNOSSC).
    • Defence Grouping: IBSAMAR is a joint multinational maritime exercise, among the Indian, Brazilian and South African navies which is an important part of defence cooperation among these countries.
  • Significance for India and Global Governance
    • Provides India a platform to strengthen ties with two other major emerging democracies.
    • Amplifies the collective voice of the Global South in international forums.
    • Supports India’s foreign policy goals of multipolarity, South-South cooperation, and economic diplomacy.
    • Contributes to reforms in global institutions to make them more equitable and representative.

Source: Indian Express