Boosting Bilateral Ties: Brazil and India's Ambitious Trade Goals

Brazilian President Luiz Inacio Lula da Silva aims to triple trade flows with India from $12 billion last year. Meeting with Indian Prime Minister Modi, Lula expressed intent for Embraer to expand in India and discussed enhancing Mercosur-India trade agreements to address tariff barriers.

Brazil aims to significantly increase its trade with India, according to President Luiz Inacio Lula da Silva. Speaking after a state visit in Brasilia with Indian Prime Minister Narendra Modi, Lula announced the goal of tripling last year's $12 billion trade within a short timeframe, though an exact schedule wasn't provided.

Lula emphasized that Brazilian aerospace company Embraer is eager to enhance its partnerships with Indian firms to cement a firmer foothold within the Indian market. Such partnerships are anticipated to boost economic ties and facilitate technological exchange between both nations.

Moreover, Lula suggested that expanding a preferential trade agreement between India and the regional bloc Mercosur could aid in dismantling both tariff and non-tariff barriers, thus elevating trade volumes. Collaborative efforts could potentially lead to broader economic integration and mutual growth.

(With inputs from agencies.)