Union Minister Piyush Goyal called for greater ambition to further strengthen economic engagement between India and Brazil. Referring to a 25% rise in bilateral trade in the past year to USD 15 billion, he described the figure as suboptimal.Speaking at India–Brazil Business Forum in New Delhi, he said that Brazil is India’s largest trading partner in the Latin America and Caribbean region, with bilateral engagement deepening in defence, energy, agriculture and agrochemicals.
The minister highlighted the broader dimensions of the partnership, including South-South cooperation and collaboration under BRICS, IBSA, the G20 and the World Trade Organization (WTO). He expressed confidence in the bright future of bilateral ties.
Also Read: India’s UK, Oman FTAs likely by April; EU deal to operationalise by end-2026: GoyalHe observed that the relationship has evolved into a strong and multifaceted strategic partnership driven by people-to-people ties and expanding cooperation across sectors.He stated that India has recently finalised several high-quality Free Trade Agreements and is currently engaged in negotiations for many more. As a result of these pacts, India now has preferential access to nearly two-thirds of global trade.He emphasised the strategic importance of the MERCOSUR region, noting that India is actively pursuing the expansion of the India–MERCOSUR Preferential Trade Agreement to improve market access, boost investment flows, deepen technology collaboration, and enhance cooperation.Goyal envisions that India and Brazil together can play a transformative role in reshaping global value chains by combining resources, innovation and a shared forward-looking vision.Also Read: India to get same yarn, cotton benefits as Bangladesh in US trade deal: Goyal
