New Delhi, Oct 7 – India and Brazil met for the seventh session of their Trade Monitoring Mechanism (TMM) in New Delhi, showing both sides are serious about boosting economic ties.
Commerce Secretary Rajesh Agrawal and Brazil’s Foreign Trade Secretary Tatiana Lacerda Prazeres co‑hosted the talks. They reviewed the current trade picture and drew up a plan to grow business between the two countries.
Key points on the agenda were:
* Expanding the India‑Mercosur Preferential Trade Agreement (PTA)
* Improving market access and easing visa rules
* Ramping up cooperation in pharma, health, chemicals, petrochemicals and MSME sectors
* Strengthening banking, finance and internal trade links
* Discussing multilateral issues that affect both economies
India and Brazil have shared a strong diplomatic friendship for more than 75 years. Both governments see their partnership as a model of partnership between democracies focused on development.
The trade target came out of Prime Minister Narendra Modi’s July 2025 visit to Brazil, where he met President Luiz Inácio Lula da Silva. The leaders set a goal to raise bilateral trade to US$ 20 billion in the next five years.
For the fiscal year 2024‑25, merchandise trade between the two nations hit US$ 12.19 billion, making Brazil the biggest trading partner of India in Latin America and the Caribbean.
India’s export story is evolving. While the U.S. remains a key market, the country is diversifying sales to places like the Netherlands, UAE, Australia, Saudi Arabia, South Africa, Brazil and Mexico, showing it no longer relies on a single trading partner.
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Source: ianslive
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