(15 Oct 2008) SHOTLIST
1. Wide of Indian Prime Minister Manmohan Singh, Brazilian President Luiz Inacio Lula da Silva and South African President Kgalema Motlanthe walking into news conference
2. Wide of news conference
3. Various of Indian External Affairs Minister Pranab Mukherjee (centre), Brazilian Foreign Minister Celso Amorim (left) and South African Minister of Foreign Affairs Nkosazana Dlamini Zuma (right) signing agreement
4. Mukherjee, Amorim and Zuma shaking hands
5. SOUNDBITE: (English) Kgalema Motlanthe, South African President:
"We discussed and analysed the current financial crisis raging through Europe and the United States of America and agreed that we need to convene or direct our ministers of finance, governors of central banks, ministers of trade and industry to come together and develop an adequate response to this crisis."
6. Wide of news conference
7. SOUNDBITE: (Portuguese/English) Luiz Inacio Lula da Silva, President of Brazil:
"Can the crisis reach the emerging countries? (English translation) If there is a deep recession in the European Union and in the US, yes it may affect the emerging countries (English translation), because they are buyers and we are sellers (English translation) and that's why we need to diversify (English translation) our trade relations."
8. Mid of Indian delegation
9. Wide of da Silva, Singh and Motlanthe shaking hands and hugging
STORYLINE
India, Brazil and South Africa on Wednesday asked rich countries to hear their voices on how to manage the unfolding global financial crisis without jeopardising the
development of emerging economies.
Most emerging market stocks have fallen harder in Asia, Russia and Latin America in recent weeks than they have in the United States and Western Europe.
A big reason for that, analysts say, is that foreign investors - who over the last four years fuelled the emerging markets boom - have lost their appetite for risk amid the global credit crunch and are yanking money out to meet liquidity needs at home.
Speaking at the third summit of leaders of three of the world's major emerging economies, Brazilian President Luiz Inacio Lula da Silva warned that the economic crisis could reach developing countries.
As a first step to combat the crisis, President Kgalema Motlanthe of South Africa said that finance and trade ministers and central bank governors of India, Brazil and South Africa will soon meet to develop a common strategy to deal with the effects of the global financial crisis.
The three countries also signed seven five-year agreements, including accords to promote trade and cooperation in the fields of environment, tourism and gender equality.
Details of the agreement were not immediately available.
Trade among the three countries is targeted to rise to 25 (b) billion US dollars by 2015 from the present 11 (b) billion US dollars, Indian Prime Minister Manmohan Singh told reporters.
Lula da Silva said expanding trade among the three would be one way to shore up their domestic economies in the present circumstances.
Both the Brazilian and South African presidents sharply criticised the developed countries as the world reeled under the current financial turmoil.
Lula da Silva said he had warned about the subprime crisis in September last year, but the United States didn't act in time to avert a crisis.
Now, he said, industrialised countries must listen to the developing world.
Motlanthe said the ill-conceived decisions of a few have brought the international financial system to the brink of collapse with dire consequences for many poor and vulnerable nations.
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