Bilateral trade doubles in two years, India and Brazil look at even stronger commercial ties
Commerce Secretary invites Brazilian industries to be part of the growing supply chain to India
With bilateral trade doubling over the last two years to reach USD16 billion, India and Brazil are now looking to further strengthen their rapidly growing commercial engagement.
This was discussed when Union Commerce Secretary Sunil Barthwal paid an official visit to Brazil from October 1-4, 2023, for the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM). The meeting was co-chaired by Barthwal and Brazil's Secretary of Foreign Trade Tatiana Lacerda Prazeres in Brasilia on October 4, 2023.
During the meeting, both sides extensively discussed matters related to bilateral trade and outlined a roadmap for its further enhancement, India's Ministry of Commerce and Industry said on Thursday (October 5, 2023).
Barthwal also held comprehensive discussions with Brazil's Vice Minister of Development, Industry, Trade, and Services Marcio Elias Rosa to advance the economic and commercial partnership between the two nations.
Significantly, Commerce Secretary Barthwal was accompanied by a delegation of 20 business leaders representing the Confederation of Indian Industry (CII). The Indian delegation engaged in discussions, business meetings and explored new trade opportunities with key Brazilian organizations.
The organizations with which the Indian delegation interacted included the Confederation of Industries of Brazil, the Commercial Association of Sao Paulo, Federation of Industries of the State of Sao Paulo (FIESP) and industries in Rio de Janeiro. According to the Ministry of Commerce and Industry, this demonstrated their strong commitment to boost bilateral trade and investment prospects.
Highlighting the opportunities provided by India’s dynamic economic growth including on transfer of technology and investments, the Indian side led by Secretary Barthwal invited Brazilian industries to be part of the growing supply chain to India.
Additionally, on October 2, 2023, the delegation participated in various trade facilitation activities aimed at nurturing the growing trade relationship between India and Brazil. A productive meeting with the Commercial Association of São Paulo provided a platform to discuss potential trade collaborations. The day concluded with an interactive session with Indian companies operating in Brazil, fostering closer ties within the business community and identifying new opportunities for promoting trade.
A breakfast meeting was held on October 3, 2023, with Brazilian companies that have invested in India, highlighting the Indian government's commitment to support foreign investors. This meeting also included discussions on new trade and investment opportunities. Barthwal interacted with representatives from leading MICE (Meetings, Incentives, Conferences, and Exhibitions) companies in Brazil and engaged with the Federation of Industries of the State of São Paulo (FIESP), a crucial industry chamber in the region.
"The deliberations and interactions during this visit signal a promising growth for India-Brazil trade relations. These engagements have set a positive tone for future dialogues, with a dedicated focus on exploring new trade opportunities and strengthening bilateral integration through Global Value Chains," the Ministry of Commerce and Industry said.