India-Brazil Target USD 30 Billion Bilateral Trade by 2030

New Delhi, Aug 31 (KNN) India and Brazil have reaffirmed their commitment to expand bilateral trade to USD 30 billion by 2030, following the 8th India-Brazil Trade Monitoring Mechanism (TMM) meeting held in Brasília.

The meeting was co-chaired by Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres. Bilateral trade between the two countries reached USD 15.07 billion in 2025-26, with both sides seeking greater diversification in pharmaceuticals, chemicals, engineering goods and machinery.

The two sides reviewed progress on the India-MERCOSUR Preferential Trade Agreement and agreed to work towards early finalisation of the Terms of Reference. India-MERCOSUR trade stood at USD 20.84 billion in 2025.

Discussions also focused on improving market access for Indian pharmaceutical products. India sought more predictable regulatory procedures in Brazil, building on the CDSCO-ANVISA Memorandum of Understanding signed in February 2026.

On agriculture, both sides discussed priority phytosanitary requests and reciprocal market access. They also noted progress on mutual recognition of Electronic Certificates of Origin and cooperation in MSMEs, entrepreneurship and crafts.

India and Brazil reaffirmed coordination on trade and economic issues under BRICS, the G20 and the WTO. India also welcomed Brazil’s engagement with the BRICS Economic Partnership 2030 strategy and GVC Action Plan 2026-2030.

During the visit, an India-Brazil High-Level Business Reception was organised in Brasília, with more than 25 Indian businesses participating. The discussions explored opportunities in critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.

Both sides also welcomed the establishment of an ApexBrasil office in New Delhi to strengthen business-to-business ties and facilitate greater Brazilian investment in India.

(KNN Bureau)