India and Brazil target US$30 billion bilateral trade by 2030
India and Brazil have reaffirmed their goal of increasing bilateral trade to US$30 billion by 2030, with both countries seeking to build a more balanced and sustainable economic partnership, as reported by
IANS, a TV BRICS partner.
The target was discussed at the eighth meeting of the India-Brazil Trade Monitoring Mechanism in Brasilia, where officials reviewed progress in trade, market access and wider economic cooperation.
Bilateral trade reached US$15.07 billion in the 2025–26 financial year, highlighting the expansion of economic ties between the two countries. The latest discussions focused on sectors with further growth potential, including pharmaceuticals, chemicals, engineering goods and machinery.
A key issue was the ongoing work to expand the India-MERCOSUR trade framework. Bilateral trade between India and the South American bloc reached US$20.84 billion in 2025, and both sides agreed on the importance of finalising the terms of reference for further negotiations at an early stage.
Market access for Indian pharmaceutical products was also a major focus of the talks. India called for more predictable regulatory procedures and measures that would make it easier for pharmaceutical exports to enter the Brazilian market.
The two countries also advanced discussions on agricultural trade, focusing on priority phytosanitary requests for products of interest. Officials agreed to pursue the necessary technical procedures towards reciprocal market access within a defined timeframe.
Beyond bilateral trade, India and Brazil reaffirmed their coordination in multilateral forums, including BRICS, the G20 and the World Trade Organisation. Both sides stressed the importance of an open, inclusive and development-focused international trading system.
The talks also included a high-level business meeting aimed at strengthening commercial links and identifying new opportunities for cooperation between companies and industry representatives from both countries.