Commerce Secy co-chairs India-Brazil Trade Monitoring Mechanism in Brazil, outlines roadmap for further enhancement

Sunil Barthwal, Secretary of the Department of Commerce in the Ministry of Commerce and Industry concludes his four day visit to Brazil where he co-chaired the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM). Both ministers discussed bilateral trade matters and outlined a roadmap for its further enhancement.

Sunil Barthwal, Secretary of the Department of Commerce in the Ministry of Commerce and Industry concludes his four day visit to Brazil where he co-chaired the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM). Both ministers discussed bilateral trade matters and outlined a roadmap for its further enhancement. Barthwal paid an official visit to Brazil from October 1 to October 4, 2023, and was accompanied by a delegation of 20 business leaders representing the Confederation of Indian Industry (CII).

According to an official statement by the Ministry of Commerce and Industry, "The visit was happening in the backdrop of the sharp growth in the bilateral trade which had doubled over the last two years reaching USD 16 Billion. It was aimed at strengthening this rapidly growing commercial engagement between the two countries." The Commerce Secretary co-chaired the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) on Wednesday with Secretary of Foreign Trade for the Federative Republic of Brazil, Tatiana Lacerda Prazeres in Brasilia.

The Indian delegation engaged in discussions, business meetings and explored new trade opportunities with key Brazilian organizations, including "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 demonstrating their strong commitment to boost bilateral trade and investment prospects." "Both sides extensively discussed matters related to bilateral trade and outlined a roadmap for its further enhancement," the statement said.

On the second day of his visit, 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 Sao Paulo provided a platform to discuss potential trade collaborations," the statement said.

Moreover, their 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. On October 3, Commerce Secretary Barthwal held breakfast meetings 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 Sao Paulo (FIESP), a crucial industry chamber in the region," the statement added. Moreover, Barthwal also held held comprehensive discussions with the Vice Minister of Development, Industry, Trade, and Services, Brazil, Marcio Elias Rosa to advance the economic and commercial partnership between the two nations.

"The visit concluded with an interaction with leading industries and members of the Confederation of National Industries of Brazil over the opportunities provided by India's dynamic economic growth including on transfer of technology, investments etc," according to the statement. Meanwhile, Barthwal also invited Brazilian industries to be part of the growing supply chain to India.

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 statement said.

The Commerce Secretary lauded Brazil for their support during India's G20 Presidency and conveyed India's commitment to support Brazil when it assumes its G20 Presidency in 2024. (ANI)

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