Trade between India and Brazil is expected to grow to $15 billion by 2022. Brazil has been India’s one of the most important trading partners in the entire LAC (Latin America and Caribbean) region. During the recent visit of Brazil’s President, Jair Bolsonaro, 15 MoUs have been signed between the two. The MoUs of cooperation that have been signed span investments, trade facilitation, social security, agriculture, defence and double taxation.
As per the government’s release investments to grow in the sectors of clean energy, startups, railways and creation of value chains between India and Brazil where goods may be semi assembled in one country and finished in another. Apart from trade and cooperation related agreements, an announcement was made regarding visa free travel between the two countries which is expected to benefit visitors for business and tourism between two countries.
Commerce and Industry Minister, Piyush Goyal has also urged that the India – Brazil Business Leader’s Forum may be activated and reconstituted to make it more relevant and contemporary to businesses in both the countries.
The Government of India has stated that services in wellness sector like Yoga and Ayurveda will further grow as Brazil has a strong community of Yoga and Ayurveda practitioners.
India and Brazil share close relationships at the bilateral level as well as plurilateral fora like BRICS, BASIC, G-20, IBSA, International Solar Alliance and in larger multilateral bodies like UN, UNESCO and WIPO stated Commerce and Industry Minister.
The Commerce and Industry Minister has said that the decade long bilateral strategic partnership is based on a common global vision shared democratic values and a commitment to foster economic growth with social inclusion for the welfare of the people of both countries.
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