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India contributes to poverty reduction facility

By Our Diplomatic Correspondent

NEW DELHI, MARCH 4. The External Affairs Minister, Yashwant Sinha, said today that India would contribute $100,000 to a poverty reduction facility being created by the India-Brazil-South Africa (IBSA) Dialogue Forum under the aegis of the United Nations Development Programme (UNDP).

In his opening remarks at the first IBSA Dialogue Forum meeting of Foreign Ministers, Mr. Sinha said India, Brazil and South Africa should help redefine the content of globalisation and make it more relevant to the developing countries.

Globalisation, he said, should be inclusive and must not result in marginalisation of people and nations. Mr. Sinha pointed out that the IBSA countries had a total external trade of $300 billion and a combined market of 1.2 billion people. The Ministry of External Affairs spokesman, giving details of today's deliberations, said the Brazilian delegation was keen that the three countries set up a trilateral business council.

He said that there was a lot of interest in the manufacture of cheap anti-retroviral drugs, especially from the African countries. (This is an area in which Indian companies have considerable expertise).

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