India, Brazil review progress on trade pact, ways to deepen investment ties
This story was originally published at 19:00 IST on 31 August 2026
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NEW DELHI – India and Brazil reaffirmed their shared objective of expanding bilateral trade to $30 billion by 2030 through a more diversified, balanced, and sustainable partnership, the commerce ministry said in a release Monday. Bilateral trade has shown consistent growth, reaching $15.07 billion in the financial year 2025–26 (Apr-Mar), particularly in pharmaceuticals, chemicals, engineering goods and machinery, it said.
The eighth meeting of the India-Brazil trade monitoring mechanism was held in Brasilia, co-chaired by Commerce Secretary Rajesh Agrawal and Brazil's Secretary of Foreign Trade, Tatiana Lacerda Prazeres, the ministry said. Both sides reviewed progress on the terms of reference for the trade pact between India and MERCOSUR, the trade bloc comprising Argentina, Bolivia, Brazil, Paraguay, and Uruguay. India-MERCOSUR trade was $20.84 billion in 2025 and both sides have committed to the early finalisation of the terms of reference, it added.
Agrawal also met Brazil's Commerce Minister Marcio Elias Rosa to discuss deepening bilateral trade and investment ties and enhancing economic cooperation in priority sectors, the ministry said. The two sides noted the encouraging progress on mutual recognition of electronic certificates of origin and on cooperation in micro, small, and medium enterprises, entrepreneurship and crafts, terming them significant steps towards greater trade facilitation and easing barriers to trade for business-to-business engagement, the ministry added. End
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Reported by Vivek Das
Edited by Shubhayan Bhattacharya
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