India and Brazil are set to broaden their trade pact with MERCOSUR—a group that includes Brazil, Argentina, Bolivia, Paraguay and Uruguay—to give both sides a bigger slice of tariff‑preferential trade. The governments announced the plan after a meeting in New Delhi between Brazil’s Vice‑President and Development Minister Geraldo Alckmin and India’s Commerce Minister Piyush Goyal.
The original agreement, signed in 2003, aimed to strengthen ties and boost trade. Today the two leaders said the expansion will cover not just tariff issues but also non‑tariff barriers and wider economic partnership. To move quickly, the sides will set up a technical dialogue and hold a Joint Administration Committee meeting soon, as outlined in the joint statement. They aim to finish negotiations within a year.
Brazil also pledged to coordinate closely with its MERCOSUR members for a swift, mutually beneficial deepening of the pact. Goyal highlighted the full range of bilateral trade links and reiterated a shared commitment to grow cooperation in energy, healthcare, agriculture and technology.
This meeting follows earlier high‑level talks between the two countries to boost trade and investment. Alckmin’s two‑day visit to India also included meetings with Defence Minister Rajnath Singh and Brazilian Defence Minister Jose Mucio Monteiro Filho. The defence leaders reviewed current military‑to‑military cooperation, joint exercises, and discussed possibilities for co‑development and co‑production of defence equipment.
Together, India and Brazil are reinforcing their strategic partnership, expanding trade with MERCOSUR and deepening defence collaboration across multiple sectors.
Source: ianslive
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