Brasilia, Oct 15 IBNS | 2 years ago

Indian External Affairs Minister Salman Khurshid on Tuesday said India and Brazil need to do a lot more to meet the annual bilateral trade target of USD 15 billion by 2015.

Speaking to reporters at a joint press conference with his Brazilian counterpart following the 6th India-Brazil Joint Commission Meeting (JCM) in Brasilia, Khurshid said the bilateral trade between the two nations "presently does not correspond to its full potential".

"Our bilateral trade in 2012 was USUSD 10.6 billion and we need a lot of catching up to meet the trade target of USUSD 15 billion by 2015 set during the State visit of President Dilma Rousseff to India last year," he said.

"In this regard we agreed to strengthen our economic engagement between our business communities through exchange of business delegations and participation in each other's trade fairs.

"We urged the two designated co-chairs of the Brazil India CEO's Forum to arrange the meeting of the Forum soon to look into all these aspects," Khurshid said.

"We both agreed to further stimulate bilateral cooperation in energy, agriculture, mining, defence, space, IT, pharmaceuticals and science and technology with joint collaborations and research," he added.

The foreign minister said that the JCM noted with satisfaction good progress on consular issues.

"During the JCM, two sides confirmed the completion of ratification process on Extradition Treaty, signed the agreement on Transfer of Sentenced Persons, exchanged notes on the ratification of the bilateral Agreement on Mutual Assistance on Customs Matters and signed the Protocol Amending the Convention on the Avoidance of Double Taxation.

"The two sides also arrived at an agreed text on the MoU (Memorandum of Understanding) for setting up of a Joint Working Group on Consular, Migration and Diaspora matters," he said.

(Posted on 16-10-2013)