With financial crisis gripping the developed world, India, Brazil and South Africa said those responsible for it should be held "liable" and asked the US and Europe to take urgent action to prevent such "unprecedented turbulence" from reaching developing nations.
The three leading developing economies raised questions over financial management of the developed world and advocated a new international initiative to bring about structural reforms in the world's financial system which entails stronger systems of multinational consultations and surveillance.
In an effort to ensure that the impact on them is minimum, the three countries at a trilateral summit at New Delhi on Wednesday, decided to immediately convene a meeting of their Finance Ministers and Governors of central banks to evolve a joint strategy.
Addressing a joint press conference with Presidents of Brazil and South Africa after the summit, Prime Minister Manmohan Singh said the three leaders exchanged views in depth on the financial crisis and other challenges.
"We agreed on some ideas to tackle them and to collaborate closely as the international community grapples to find satisfactory solutions," he said.
"To this end, we have decided to instruct our Finance Ministers and Governors of central banks to convene a meeting, as soon as possible, in order to establish a coordination mechanism," Singh said.
Brazilian President Luiz Inacio Lula da Silva said the US and Europe should take immediate action to ensure that the crisis does not "reach the developing countries that did not participate in this financial casino."
India seeks reforms in UN, G-8
With financial crisis gripping the developed world, Prime Minister Manmohan Singh on Wednesday raised the pitch for reforms in the UN, G-8 and other international institutions of governance and emphasised that the voice of the developing countries should be heard.
Inaugurating the India-Brazil-South Africa (IBSA) Summit in New Delhi, he said the Doha round of WTO talks should be approached purposefully so that these negotiations are concluded in a "manner that promotes development and inclusive growth".
"We are meeting against the backdrop of international financial crisis," he said addressing the third Summit of the three leading economies of three continents.
"Our voice on how to manage this crisis in a way that does not jeopardise our development priorities needs to be heard in international councils," Dr Singh said in the presence of Brazilian President Luiz Inacio Lula da Silva and his South African counterpart Kgalema Motlanthe.
The Prime Minister underlined the need for renewed effort, more than ever before, for the reform of institutions of international governance whether it is the UN or the G-8.
Singh also talked about the challenges posed by increase in energy and food prices and the problem of terrorism, saying these "threaten our development effort".
Underlining the importance of IBSA, he said the forum is "uniquely placed" to cooperate in these areas.
Noting that India, Brazil and South Africa are "dynamic developing economies" located in three different continents, the Prime Minister said "IBSA has an important role to play internationally."
He underlined that the three countries "have a key role to play in ensuring equitable global growth and in contributing to international stability."
Contending that IBSA has become a role model for effective South-South cooperation, Singh said the forum provides a platform for the three countries to learn from each other's experiences and to synergise complementaries in a mutually-beneficial manner.
He said the working groups of the IBSA are making efforts to identify concrete projects and activities for trilateral cooperation.
"Our focus must constantly remain on implementation so that the benefits of our cooperation can be brought to the doorsteps of our people."
The Prime Minister said improving connectivity among IBSA countries "remains a challenge and must remain a strategic objective".
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