New Delhi, Oct 13 (KNN) Commerce & Industries Minister Nirmala Sitharaman thanked Brazil for its initiative and cooperation for holding constructive deliberations on MSME, Services, Standardisation, IPR and Single Window mechanism during BRICS summit.

Sitharaman and her Brazilian counterpart Marcos Pereira, Minister of Industry, Foreign Trade and Services held bilateral talks here today.

Marcos Pereira expressed pleasure on the Investment Facilitation Treaty being initialled between India and Brazil at Goa while mentioning that it is their first in Asia and he is glad that it is happening with India.

Both Ministers expressed the need to strengthen the India-MERCOSUR PTA and expand the items on offer from both sides to at least 2500 from the current 450 as this would greatly benefit the two way trade and need to have close cooperation between India, Brazil and other MERCOSUR partners so as to ensure that the expansion process does not spill over beyond end of next year.

During the discussions, Marcos Pereira informed on the reforms being taken by the present Brazilian Government in improving the Business environment, Economic growth and the legislations being embarked upon to bring about labour reforms, social security arrangements besides control of public expenditure.

Sitharaman mentioned the improvement in ease of doing business in India and influx of huge amount of FDI into India, since the present Government came to power while underlining that the investment from Brazil has been modest and below potential, thereby emphasizing that both countries take measures to enhance two way investment.

A Joint Working Group on trade promotion was suggested to be formed to ensure smooth conduct and success of such events which the Brazilian side welcomed.