India and Brazil Forge New Trade Alliance: $20 Billion Target Set

“Reviewed the full spectrum of bilateral trade ties while reaffirming our shared commitment to deepen co-operation and investment ties across diverse sectors, including energy, healthcare, agriculture, and technology,” Goyal said after the meeting.

“Shared democratic values and a common vision for inclusive and sustainable growth underpin our partnership,” the minister added.

Goyal further stated that the two countries on the World Food Day, were “celebrating the India–Brazil partnership and the contribution of our farmers that continues to strengthen global food security.”

The meeting follows recent high-level discussions between Indian and Brazilian leaders aimed at enhancing trade and investment between the two countries.

Alckmin arrived in India on Wednesday for a two-day visit. He is accompanied by Cabinet Ministers, senior officials and a business delegation.

Following his arrival, he held a meeting with Defence Minister Rajnath Singh in New Delhi. Brazilian Defence Minister Jose Mucio Monteiro Filho was also present during the interaction.

India and Brazil share a strategic partnership. The leaders reviewed the entire range of multifaceted relations in the defence sector between the two countries.

They also exchanged views on areas of mutual interest covering military-to-military and defence industrial cooperation, including joint exercises and training visits.

"The leaders reviewed the progress of ongoing defence-related initiatives and identified priority areas for joint work, including exploring opportunities for co-development and co-production of defence equipment," the Ministry of Defence said in a statement.

During his visit, Alckmin was also scheduled to meet Vice President C.P. Radhakrishnan, External Affairs Minister (EAM) S. Jaishankar and Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, to discuss various issues of mutual interest. Besides, he is expected to attend the India-Brazil Business Forum and visit the All India Institute of Ayurveda.

"Brazil is the largest trade partner of India in South America. During the recent State visit of Prime Minister Modi to Brazil, the leaders agreed to establish a Ministerial-level Review Mechanism to foster our trade and investment, and set a bilateral trade target of $20 billion in the next five years," read a statement issued by the MEA.

"The visit of Alckmin is envisaged to provide an opportunity to review bilateral trade and investment, identify new priority sectors, set a road map towards achieving the trade target and further strengthen the multifaceted Strategic Partnership," it added.

- IANS