India, Brazil reaffirm goal to double bilateral trade to USD 30 billion by 2030
Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade, Tatiana Lacerda Prazeres, co-chaired the 8th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in Brazil.
The meeting reflected on the strong institutional framework underpinning the India-Brazil Strategic Partnership and the shared commitment of both sides to deepen strategic and economic ties.
Agrawal also met Marcio Elias Rosa, Brazil’s Minister of Development, Industry, Commerce, and discussed further deepening bilateral trade and investment ties and enhancing economic cooperation in priority sectors.
Bilateral trade between India and Brazil has shown consistent growth, reaching USD 15.07 billion in 2025-26. Both sides reaffirmed their shared objective of expanding bilateral trade to USD 30 billion by 2030 through a more diversified, balanced and sustainable partnership, particularly in pharmaceuticals, chemicals, engineering goods and machinery.
During the meetings, both sides reviewed progress on the India–MERCOSUR Terms of Reference. The India-MERCOSUR Preferential Trade Agreement offers considerable scope for expansion and modernisation. With India-MERCOSUR bilateral trade reaching USD 20.84 billion in 2025, both sides committed to early finalisation of the Terms of Reference.
Significant progress was also made in facilitating market access for Indian pharmaceutical products. The CDSCO-ANVISA MoU signed in February 2026 provides an important institutional foundation for deeper cooperation in health and pharmaceuticals.
India emphasised the need for supporting more predictable regulatory pathways and facilitating greater market access. India can contribute to the availability of affordable, quality medicines and strengthen efforts towards more accessible healthcare.
On agriculture, the discussions advanced work on priority phytosanitary requests on key products of interest, while laying out a clear agenda to take forward the technical processes towards reciprocal market access concessions in a time-bound manner.
The discussions also noted the encouraging progress on mutual recognition of Electronic Certificates of Origin and on Cooperation in MSMEs, Entrepreneurship and Crafts, terming them significant steps towards greater trade facilitation and easing barriers to trade for business-to-business engagement.
Both sides reaffirmed close coordination on multilateral issues, including under BRICS, the G20 and the WTO, in support of an open, inclusive and development-oriented multilateral system.
India appreciated Brazil’s engagement in advancing the Strategy for BRICS Economic Partnership 2030 and the GVC Action Plan 2026-2030.