Brasília, Aug 31: India and Brazil are strengthening efforts to expand trade and investment ties, with both countries reaffirming their target of taking bilateral trade to $30 billion by 2030.
The commitment was made during the 8th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held in Brasília, where officials from both countries reviewed progress in trade and investment and discussed ways to create a broader and more balanced economic partnership.
The meeting was co-chaired by Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres. During his visit, Agrawal also met Brazil’s Minister of Development, Industry, Commerce and Services Marcio Elias Rosa to discuss opportunities for expanding bilateral trade, investment and cooperation in key sectors.
Trade between India and Brazil has been steadily increasing, reaching $15.07 billion in 2025-26. Both sides believe there is significant scope to diversify the trade basket and make better use of the strengths of the two economies. Pharmaceuticals, chemicals, engineering goods and machinery have been identified as areas with considerable potential for further growth.
The two countries also reviewed progress on the India-MERCOSUR Terms of Reference, which could pave the way for expanding and modernising the existing preferential trade arrangement. India-MERCOSUR trade reached $20.84 billion in 2025, and both sides expressed their intention to move towards an early conclusion of the Terms of Reference.
Pharmaceutical cooperation was another important part of the discussions. India emphasised the need for predictable regulatory procedures and improved market access for Indian medicines in Brazil. The CDSCO-ANVISA MoU signed in February 2026 provides an institutional framework for closer cooperation in the healthcare and pharmaceutical sectors and could support wider availability of affordable and quality medicines.
Agricultural trade was also discussed, with officials reviewing priority phytosanitary issues affecting important products. Both sides agreed to continue technical discussions to facilitate reciprocal market access and reduce barriers faced by exporters.
The countries also noted progress towards mutual recognition of Electronic Certificates of Origin, which can simplify documentation and make cross-border trade more efficient. Cooperation involving MSMEs, entrepreneurship and crafts was also highlighted as another area with potential to strengthen business-to-business engagement.
As part of the visit, an India-Brazil High Level Business Reception was organised in Brasília, bringing together business leaders and industry representatives from both countries. An Indian delegation of more than 25 companies, including representatives from Kirloskar Group, UPL and Aditya Birla Group, participated in discussions covering opportunities in critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.
Both countries welcomed the establishment of an ApexBrasil office in New Delhi, which is expected to strengthen business connections and encourage greater investment between the two markets.
India and Brazil also reaffirmed their commitment to working closely through multilateral platforms such as BRICS, the G20 and the WTO, supporting an open and inclusive global trading system.
The latest engagement is expected to add momentum to the India-Brazil economic partnership, with both countries looking to expand trade, encourage investment and create new opportunities for businesses across a range of emerging and traditional sectors.