India and Brazil have renewed their commitment to significantly expand bilateral trade and investment, with both sides setting an ambitious target of increasing trade to USD 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 reviewed progress across key areas of economic cooperation and explored new opportunities for deeper engagement.
The meeting was co-chaired by Commerce Secretary Shri Rajesh Agrawal and Tatiana Lacerda Prazeres, Secretary of Foreign Trade in Brazil’s Ministry of Development, Industry, Commerce and Services (MDIC). The discussions reflected the growing momentum in the India-Brazil Strategic Partnership and the shared interest in building stronger economic and commercial ties.
Focus on Diversifying Bilateral Trade
Bilateral trade between India and Brazil has continued to expand, reaching USD 15.07 billion in 2025–26. Recognising the complementary strengths of the two economies, both countries agreed that greater diversification and balance in trade would be essential to achieving the USD 30 billion target.
Priority sectors identified for enhanced cooperation include pharmaceuticals, chemicals, engineering products and machinery. Commerce Secretary Shri Rajesh Agrawal also held discussions with Brazil’s Minister of Development, Industry, Commerce and Services, Marcio Elias Rosa, focusing on ways to strengthen trade, investment and economic collaboration.
India-MERCOSUR Trade Framework
The two sides also assessed progress on the India–MERCOSUR Terms of Reference. With India-MERCOSUR trade reaching USD 20.84 billion in 2025, both countries stressed the importance of completing the Terms of Reference at the earliest.
The existing India-MERCOSUR Preferential Trade Agreement is seen as having considerable potential for expansion and modernisation. Strengthening this framework could open additional opportunities for businesses and improve market access between India and the South American trading bloc.
Pharmaceutical Market Access Gains Momentum
Pharmaceutical cooperation emerged as another important area of discussion. India highlighted the need for predictable regulatory procedures and improved access for Indian medicines in the Brazilian market.
The CDSCO–ANVISA Memorandum of Understanding signed in February 2026 provides an institutional basis for closer cooperation between the two countries’ pharmaceutical regulators. India emphasised that stronger regulatory collaboration could help increase the availability of affordable and quality medicines while contributing to more accessible healthcare.
Agriculture and Trade Facilitation
Discussions on agriculture focused on priority phytosanitary requests concerning products of interest to both countries. The two sides agreed to advance technical procedures for reciprocal market-access concessions within a defined timeframe.
Progress on the mutual recognition of Electronic Certificates of Origin was also welcomed. Cooperation in MSMEs, entrepreneurship and crafts was identified as another positive development that could reduce trade barriers and facilitate stronger business-to-business connections.
Cooperation Through BRICS, G20 and WTO
India and Brazil reaffirmed their intention to coordinate closely on multilateral economic issues through platforms including BRICS, the G20 and the World Trade Organization (WTO). Both countries reiterated their support for an open, inclusive and development-focused multilateral trading system.
India welcomed Brazil’s contribution towards advancing the BRICS Economic Partnership Strategy 2030 and the GVC Action Plan 2026–2030. Brazil, in turn, congratulated India for its initiatives during its BRICS Presidency, including the BRICS Startup Knowledge Hub and BRICS Business Incubator.
Business Engagement Opens New Avenues
An India-Brazil High Level Business Reception was also organised in Brasília, bringing together prominent business leaders and industry stakeholders from both countries. Shri Rajesh Agrawal led an Indian business delegation comprising more than 25 companies, including representatives from the Kirloskar Group, UPL and Aditya Birla Group.
The interaction explored potential partnerships in areas such as critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.
Both countries also welcomed the establishment of an ApexBrasil office in New Delhi, which is expected to strengthen business-to-business relationships and encourage greater Brazilian investment in India.
The latest engagement has reinforced the longstanding India-Brazil relationship, marked by mutual trust, democratic values and expanding economic cooperation. The two countries’ renewed focus on trade diversification, investment and market access is expected to provide fresh momentum to their strategic partnership and support the creation of a stronger, more sustainable economic relationship.
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Author: Shivam
Shivam Dwivedi is a senior journalist with extensive experience in research-driven journalism, policy communication, and multi-platform storytelling. His areas of interest include international relations, defence, science & technology, education, urban development, agriculture, spirituality, and environmental sustainability. His work focuses on in-depth analysis, public discourse, and impactful narratives across governance and development sectors, with a strong commitment to the Sustainable Development Goals (SDGs). Contact: [email protected]
