Brasilia, Sep 14 (IANS) Indian Prime Minister Manmohan Singh Wednesday described the first summit of IBSA, that brought together India, Brazil and South Africa in a trilateral commission, as "historic" and an "idea without precedent" and said for the three countries there was "value in investing in IBSA" by working together on issues of common concern.

Speaking at the plenary session of the summit, also attended by Brazilian President Lula Inacio Lula da Silva and South African President Thabo Mbeki, he said the summit had set out a "bold and comprehensive agenda of cooperation" which "will propel this grouping to a position where its voice will be heard in world affairs".

Manmohan Singh said the benefits of trilateral cooperation should not be limited to the three countries. He described the IBSA Facility for Alleviation of Poverty and Hunger as a "pioneering initiative" for south-south cooperation.

It was unique for three major developing countries, from three continents, to come together to establish replicable and scaleable projects in other developing countries, the prime minister added.

Manmohan Singh said increased linkages between the three could lead to "India becoming a hub for Asia, Brazil an entry point to Latin America and South Africa a springboard for Africa".

An MoU on air services and an agreement on maritime transportation has been concluded between the three countries while a joint declaration, to be issued later Wednesday after the summit, will set out institutional and business linkages in important sectors such as energy, sustainable development, trade, transportation and science and technology.

Earlier in remarks at the meeting of the heads of state or governments with CEOs from the three countries who are also meeting here on the sidelines of the summit, the prime minister said: "The success of our experiment to pursue development within the framework of an open economy and an open society is vital to the well being and empowerment of millions of people in Asia, Africa and Latin America."

He said the advantages of such trilateral cooperation are evident, particularly in the areas of energy security.

"Brazil is a world leader in the use of ethanol. South Africa has coal gasification technology and a well-developed synthetic fuel industry. India, on the other hand, has expertise in wind and solar energy. IBSA can be effective in utilising our respective competitive strengths in these alternate energy technologies," Manmohan Singh said.

He said the three countries should pursue the target of $10 billion in intra-IBSA trade that was set in 2004, soon after the three rising powers of the three continents decided to set up their unique grouping in 2003.

Manmohan Singh said India was in discussions regarding a possible trade arrangement that would link with MERCOSUR (the South American trade grouping) and the Southern African Customs Union. "We expect this would create a large and expanding economic space that would allow the utilisation of synergies in trade and technology."

Besides trade liberalisation, we also plan to institute arrangements that would address issues relating to the facilitation of trade in goods, services and of investment, he added.

Manmohan Singh said India would be ready to take "bold decisions" to establish better connectivity between the three countries so that trade, tourism and other interaction between the three can be enhanced.

He asked businesses and governments in the three countries to work together to fully exploit the potential of IBSA, saying the emerging partnership "illustrates the global village in which we live together today."