India, Brazil discuss roadmap to take bilateral trade to $20 billion in 5 years
The seventh meeting of the India-Brazil Trade Monitoring Mechanism (TMM) was held on Tuesday here, which underscores the commitment between India and Brazil to foster economic growth.
Rajesh Agrawal, Commerce Secretary, and Tatiana Lacerda Prazeres, Secretary of Foreign Trade at the Ministry of Development, Industry, Trade and Services for Brazil co-chaired the meeting.
During the meeting in the national capital, both sides extensively discussed matters related to bilateral trade and outlined a roadmap for taking it forward.
The discussions included the review of bilateral trade and investment relations, expansion of India-MERCOSUR PTA, market access issues, visa issues, sectoral collaborations in pharmaceuticals and healthcare, chemicals and petrochemicals, MSME, banking and finance, promotion of industries and internal trade, multilateral issues and other matters of mutual interest.
India and Brazil have been strong diplomatic partners for more than 75 years now.
The two countries have built a close and multifaceted relationship marked by shared democratic values and a commitment to development.
During the State visit of the Prime Minister Narendra Modi to Brazil in July 2025 and meeting with the Brazilian President Luiz Inacio Lula da Silva, the leaders set a target to increase bilateral trade to $20 billion over the next five years.
Brazil is the largest trading partner of India in the Latin American and Caribbean region. During the FY 2024-25, the bilateral merchandise trade stood at $12.19 billion.
India’s export story is clearly at a turning point. While the US will continue to be a vital partner, the extraordinary growth of exports to countries such as the Netherlands, UAE, Australia, Saudi Arabia, South Africa, Brazil, and Mexico demonstrates that India is no longer dependent on a single market.
