Ministers Anand Sharma , Antonio Patriota of Brazil and Rob Davies of South Africa , had a meeting of the India-Brazil-South Africa, IBSA, Trade Ministers forum on the sidelines of the 42nd meeting of the World Economic Forum in Davos. They reviewed the current global financial and economic situation.

They recalled the fifth Summit of the Heads of State and Government of the IBSA Dialogue Forum that took place in Pretoria in October 2011 which underscored the importance attached by the three countries to coordination on global issues. IBSA Ministers came out with a declaration after the meeting. .