"We have set ourselves a modest target of $15 billion by 2010 for trade among our three countries. My suggestion to our business leaders would be to aim to achieve this by 2009 and then go on to double that by 2012. Business must be pro-active," he said.

Annual trade within the group, which has a combined 1.3 billion population, has already surpassed $6.5 billion since a $10 billion target was first set in 2004.

The three countries are also pushing for a possible creation of a free-trade zone that would build on existing ties between India, the South American trade group Mercosur - led by Brazil - and the Southern African Customs Union.

Brazilian president Lula Da Silva and leaders and officials of the three countries are attending the summit hosted by South African president Thabo Mbeki.

The three leaders also had an interaction with business leaders at the IBSA business council.

Singh assured captains of business in the three countries that the governments would endeavour to create the necessary environment for closer intra-IBSA trade and investment.

"We also hope that the business forum will work actively to create awareness of the opportunities that our three large markets provide," he said.

He urged business leaders to look at innovative approaches to exploit the strengths of the three countries in science and technology through joint research and development projects, particularly in sectors such as manufacturing, pharmaceuticals and information and communication technology.

Brazil, he said, has comparative strengths in ethanol and bio-fuels, South Africa in coal to liquid and gas to liquid technologies and India in wind and solar energy, adding, these strengths can be exploited as energy security was a major challenge confronting the three nations.

"We need to look at how trilateral ventures in these areas can be made viable business models," he said.

"Within IBSA, we are in the process of elaborating a common social development strategy. We would welcome inputs from the business community shape an effective public-private partnership in this area," Singh said.

He also suggested that the three countries work on one big flagship IBSA project using the fund for poverty and hunger, which would convey their commitment in the area of assisting other developing countries, which is the thrust area of IBSA cooperation.

"All developing countries face the challenge of balancing the need for more rapid growth with the need to address the problem of social inequality. Each of our countries has attempted innovative solutions to bring about inclusive growth," he said.

Singh pointed out that lack of adequate connective continued to hamper mutual cooperation and the three countries should reflect on how to encourage air and maritime links, which may not be commercially viable to begin with.

He said with regard to global issues the three countries were increasingly consulting each other on major international meetings.