Latin American nation's President Luiz Inacio Lula da Silva asserted a new world economic order cannot be negotiated without taking on board the two nations.
NEW DELHI: India and Brazil on Monday decided to step up bilateral trade four-fold to 10 billion dollars by 2010 even as the Latin American nation's President Luiz Inacio Lula da Silva asserted a new world economic order cannot be negotiated without taking on board the two nations.
Lula, who along with Prime Minister Manmohan Singh announced formation of a CEOs Forum to boost two-way trade and investment, said rich nations must bargain with India and Brazil and the two most important developing countries "do not need lessons" from the developed world.
"Big countries have to sit and bargain with us... we do not need lessons, we can teach them (developed countries)," he said at a meeting hosted by CII, FICCI and Assocham here.
Rich countries must retain the development dimension of Doha Round of WTO negotiations, he added.
Lula also noted the two countries had decided to step up trade from the present 2.4 billion dollars to 10 billion dollars by 2010, and said this "is feasible".
He said Brazil can transfer bio-fuel technology to India, besides help improve the country's farm productivity.
Brazil is the largest producer of ethanol at 16 billion litres a year and India, which imports more than 70 per cent of its oil requirements, has launched a programme to blend ethanol with petrol to reduce import dependence.
Lula said India can contribute in the pharmaceutical sector, and that both countries can cooperate in the engineering sector.
"We have launched the CEOs' Forum to stimulate trade and investment. To achieve the target, we must diversify trade which is restricted to less value added products," he said.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}