Govt Pushes For Higher Exports To Brazil

New Delhi, Oct 7 (KNN) Amidst the declining merchandise exports to the West and China, India is pushing to diversifying it’s exports to South American countries, especially Brazil.

Aimed at strengthening this rapidly growing commercial engagement between the two countries, Commerce Secretary Sunil Bharthwal visited Brazil for the India-Brazil Trade Monitoring Mechanism (TMM) from October 1st to October 4th, 2023, reported Mint.

The Indian delegation participated in various trade facilitation activities aimed at nurturing the growing trade relationship between India and Brazil, the ministry said in a statement.

In the last two years, the bilateral trade between the two countries has doubled over to USD 16 billion.

India is looking to explore new trade opportunities with key Brazilian organizations, including the Confederation of Industries of Brazil, the Commercial Association of Sao Paulo, the Federation of Industries of the State of Sao Paulo (FIESP) and industries in Rio de Janeiro.

"A productive meeting with the Commercial Association of São Paulo provided a platform to discuss potential trade collaborations. The day concluded with an interactive session with Indian companies operating in Brazil, fostering closer ties within the business community and identifying new opportunities for promoting trade," the ministry further added.

Barthwal also held discussions with the vice minister of development, industry, trade, and services, Brazil, Marcio Elias Rosa to advance the economic and commercial partnership between the two nations.

India’s goods exports in August slipped for the seventh successive month with the goods trade deficit hitting a 10-month high.

The extent of the decline however eased to 6.86 per cent in August from double-digit contractions in recent months.  (KNN Bureau)