India, Brazil strengthen ties to boost trade and energy
India and Brazil plan to expand their MERCOSUR trade agreement to increase bilateral commerce from $12 billion to $20 billion by 2030. The nations met to deepen cooperation through the BRICS economic bloc as uncertainty over American tariffs affects international markets. Vice President Geraldo Alckmin of Brazil and Indian Commerce Minister Piyush Goyal issued a statement saying the expanded pact will address both tariff and regulatory barriers.
Brazil represents India’s largest South American trading partner. The countries identified biofuels, aviation and energy sectors for cooperation. Brazilian aerospace manufacturer Embraer opened a Delhi office to serve Indian commercial carriers. Indian companies invested $3.5 billion in Brazilian petroleum extraction projects, making Brazil the top destination for Indian capital in the Americas.
The nations discussed joint production of defense equipment and military exchanges. Brazil contributes ethanol technology that could reduce Indian petroleum imports. Both governments advocate for developing nations in global forums through their participation in BRICS and the India-Brazil-South Africa Dialogue Forum.
