Both nations push market access and trade cooperation

Key Highlights

• 8th India-Brazil Trade Monitoring Mechanism meeting held in Brasília.
• Bilateral trade reached $15.07 billion in FY2025-26.
• India and Brazil target $30 billion trade by 2030.
• Both sides seek early finalisation of India-MERCOSUR trade terms.
• Greater market access for Indian pharmaceuticals discussed.
• Agricultural and phytosanitary trade barriers to be addressed.
• Over 25 Indian businesses joined a high-level business reception.

New Delhi: India and Brazil have stepped up efforts to expand bilateral trade and investment, with both countries reaffirming their shared objective of taking two-way trade to $30 billion by 2030.

The commitment was made during the 8th India-Brazil Trade Monitoring Mechanism (TMM) Meeting held in Brasília, where Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres reviewed the progress of bilateral economic cooperation.

The meeting comes as India and Brazil seek to build a more diversified and sustainable trade relationship. Bilateral trade reached $15.07 billion in 2025-26, with both countries identifying pharmaceuticals, chemicals, engineering goods and machinery as sectors with significant potential for expansion.

India-MERCOSUR Trade Terms Under Review

A major focus of the discussions was the India-MERCOSUR Preferential Trade Agreement and the ongoing review of its Terms of Reference.

India and Brazil agreed to work towards the early finalisation of the Terms of Reference, which could help expand and modernise the existing preferential trade framework.

India-MERCOSUR trade stood at $20.84 billion in 2025, highlighting the wider commercial opportunities available through stronger engagement with the South American trading bloc.

Push for Indian Pharmaceutical Exports

India also pressed for greater market access for its pharmaceutical products in Brazil.

The CDSCO-ANVISA Memorandum of Understanding signed in February 2026 provides an institutional framework for deeper cooperation between the two countries’ regulatory authorities.

India emphasised the importance of predictable regulatory procedures and easier market access for Indian pharmaceutical companies. Greater cooperation in this sector could help expand the availability of affordable medicines while creating additional opportunities for Indian drug manufacturers.

Agriculture and Trade Facilitation

Agricultural market access was another important area of discussion. The two sides reviewed priority phytosanitary requests covering key products and agreed to advance technical processes aimed at achieving reciprocal market access.

Progress on the mutual recognition of Electronic Certificates of Origin was also welcomed. Such measures can reduce paperwork and make cross-border trade more efficient for businesses.

India and Brazil also noted progress in cooperation involving MSMEs, entrepreneurship and crafts, which could create additional opportunities for smaller businesses to participate in bilateral trade.

Indian Businesses Explore New Opportunities

The bilateral engagement also included an India-Brazil High Level Business Reception in Brasília, attended by leading businesses and industry representatives from both countries.

Commerce Secretary Rajesh Agrawal led an Indian business delegation comprising more than 25 companies, including representatives from the Kirloskar Group, UPL and Aditya Birla Group.

The companies explored potential partnerships across sectors including critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.

Brazil and India also welcomed the establishment of an ApexBrasil office in New Delhi, which is expected to strengthen business-to-business connections and support greater Brazilian investment in India.

Cooperation Through BRICS, G20 and WTO

Beyond bilateral trade, India and Brazil reaffirmed their intention to coordinate closely on multilateral economic issues through platforms including BRICS, the G20 and the WTO.

Brazil welcomed India’s initiatives during its BRICS Presidency, including the BRICS Startup Knowledge Hub and BRICS Business Incubator. India, meanwhile, appreciated Brazil’s engagement in advancing the BRICS Economic Partnership 2030 Strategy and the GVC Action Plan 2026-2030.

The latest discussions underline the growing economic importance of the India-Brazil relationship. With both countries targeting a doubling of bilateral trade over the coming years, greater regulatory cooperation, improved market access and increased private-sector participation could become key drivers of future trade growth.