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346

PREAMBLE

The Government of the Republic of India,

the Government the Federative Republic of Brazil

and

the Government of the Republic of South Africa

(hereinafter jointly referred to as the “Parties" and separately as a “Party”);

 

recalling the Joint Statements issued at the India, Brazil and South Africa Dialogue Forum (“IBSA”) Summits and the Ministerial Communiqués issued at the Meetings of the IBSA Foreign Ministers;

 acknowledging that India, Brazil and South Africa remain committed to achieving the Millennium Development Goals;

emphasising that hunger and poverty are obstacles to peace and the realization of human rights;

recognising that the goals of sustainable development and collective prosperity should be part of the international community efforts;

conscious of the fact that South-South Cooperation is an important tool for building a world with less food insecurity, less inequality and more security;

acknowledging that South-South Cooperation promotes immediate, medium and long term solutions to fight hunger and poverty and to create the necessary conditions for increasing the rates of human development;

emphasising that, based on solidarity and respect for diversity, knowledge and successful national policies for combating hunger and poverty should be shared;

recognising that the IBSA Fund for the Alleviation of Poverty and Hunger is a pioneer initiative of South-South Cooperation;

noting that the results obtained so far from the IBSA Fund projects are positive;

acknowledging that India, Brazil and South Africa remain committed to developing and implementing replicable projects and to disseminate best practices;

hereby agree as follows:

Article 1

Intention of Parties

The intention of the Parties is to enter into this Agreement on the IBSA Fund for the Alleviation of Hunger and Poverty (hereinafter referred to as "Fund"), the purpose of which is to fund projects of South-South Cooperation for the benefit of the populations of developing countries.

Article 2

Contributions

1. The IBSA Fund's capital shall, inter alia, consist of the annual contributions made by the Parties.

2. Annual contributions to be made by the Parties shall be at least US$1 million and the contributions should be made before the end of the first half of each year.

3. The Parties agree to seek, if they consider it appropriate, additional sources of financing of the Fund.

Article 3

Governing Statute

The IBSA Fund shall be governed by the Guidelines approved by the Parties.

Article 4

Settlement of Disputes

Any dispute between the Parties arising out of the interpretation, application or implementation of this Agreement shall be settled amicably through consultation or negotiations between the Parties.

 
Article 5

Amendments

This Agreement may be amended by mutual written consent of the Parties through an Exchange of Notes between the Parties through the diplomatic channels.


Article 6

Entry into force, Ratification and Duration

1. This Agreement shall enter into force on the day of the last notification by which each Party informs the others of the completion of its respective internal procedures necessary for the entry into force of this Agreement.

2. This Agreement shall remain in force for a period of five (5) years, where after it shall automatically be renewed for equal successive periods, unless terminated in accordance with Article 7.

Article 7

Termination

1. This Agreement may be terminated by any Party giving 3 (three) months’ written notice in advance through the diplomatic channels to the other Parties of its intention to terminate this Agreement.

2. A Party terminating this Agreement shall remain bound to contractual relationships to which it is party and to its obligations there under until they are fulfilled, unless otherwise agreed by the Parties in writing.

 

IN WITNESS WHEREOF the undersigned, being duly authorized by their respective Governments, have signed this Agreement in three originals in the Portuguese, Hindi and English languages, all texts being equally authentic. In case of divergence of interpretation, the English text shall prevail.

Done at Durban on this 17th day of October 2017. 

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