India, Brazil reaffirm trade and economic ties, target US$ 30 billion bilateral trade by 2030
- IBEF
- September 1, 2026
India and Brazil have reaffirmed their commitment to deepen bilateral trade and economic cooperation, with both countries targeting Rs. 2.65 lakh crore (US$ 30 billion) in bilateral trade by 2030. The commitment was made during the eighth India-Brazil Trade Monitoring Mechanism (TMM) meeting in Brasília, co-chaired by Commerce Secretary Mr. Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Ms. Tatiana Lacerda Prazeres. Bilateral trade reached Rs. 1.33 lakh crore (US$ 15.07 billion) in FY26, with discussions focused on expanding and diversifying trade across pharmaceuticals, chemicals, engineering goods and machinery. India and Brazil also reviewed progress on the India-MERCOSUR (Mercado Común del Sur/Southern Common Market) Terms of Reference and committed to their early finalisation. Trade between India and the MERCOSUR bloc reached Rs. 1.84 lakh crore (US$ 20.84 billion) in 2025. Both sides recognised the scope to expand and modernise the India-MERCOSUR Preferential Trade Agreement and strengthen market access for businesses.
The two countries also advanced cooperation in pharmaceuticals, agriculture, trade facilitation, micro, small and medium enterprises (MSMEs) and entrepreneurship. India highlighted the need for predictable regulatory pathways and greater market access for Indian pharmaceutical products in Brazil, with the CDSCO-ANVISA memorandum of understanding signed in February 2026 providing an institutional framework for healthcare and pharmaceutical cooperation. Discussions on agriculture covered phytosanitary requests and reciprocal market access, while progress was noted on mutual recognition of Electronic Certificates of Origin. India and Brazil also reaffirmed coordination through BRICS, the G20 and the World Trade Organisation (WTO), including cooperation on the Strategy for BRICS Economic Partnership 2030 and the Global Value Chains (GVC) Action Plan 2026-2030. An India-Brazil High Level Business Reception in Brasília brought together industry representatives, with an Indian delegation of more than 25 companies exploring opportunities across critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing. The establishment of an ApexBrasil office in New Delhi is expected to further strengthen business-to-business linkages and facilitate Brazilian investment in India.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
