India and Brazil Strengthen Economic Ties Through Trade Talks

India and Brazil engaged in trade talks focusing on expanding a preferential trade agreement, boosting market access, and collaborating in pharmaceutical and banking sectors. The discussions reviewed current trade relations and aimed to increase bilateral trade towards a target of USD 20 billion in five years.

India and Brazil have embarked on discussions to enhance their economic relationship, focusing on the expansion of a preferential trade agreement. These discussions took place during the India-Brazil Trade Monitoring Mechanism meeting.

The agenda covered key topics such as market access, visa issues, and potential sectoral collaborations, particularly in pharmaceuticals, healthcare, and banking. The trade pact between India and the Mercosur bloc, which includes Brazil, came into effect in 2009 but currently has limited coverage with 450 tariff lines.

Brazil, as India's largest trading partner in the Latin American region, has set a target to increase bilateral trade to USD 20 billion over the next five years. The proceedings were co-chaired by Commerce Secretary Rajesh Agrawal and Tatiana Lacerda Prazeres, with outcomes slated for review by top officials during an upcoming visit.

(With inputs from agencies.)