The 8th India-Brazil Trade Monitoring Mechanism (TMM) meeting held in Brasília emphasized strengthening trade, economic cooperation, and the strategic partnership between the two nations. Under the leadership of Prime Minister Narendra Modi and President Luiz Inácio Lula da Silva, the meeting reaffirmed the strong India-Brazil partnership and both sides’ commitment to deepening strategic and economic ties.
India and Brazil have reiterated their commitment to boosting bilateral trade and investment, with a focus on pharmaceuticals, chemicals, engineering goods, and machinery.
The Commerce Secretary met Brazil’s Minister of Development, Industry, Trade, and Services, Marcio Elias Rosa, to review economic cooperation and discuss ways to diversify and expand bilateral trade. Bilateral trade had reached USD 15.07 billion in 2025-26, and both sides are aiming to raise this figure to USD 30 billion by 2030.
The two sides also reviewed progress on the India–MERCOSUR Terms of Reference, and agreed to work towards their early finalization. With India–MERCOSUR trade reaching USD 20.84 billion in 2025, the existing Preferential Trade Agreement is seen as having significant potential for expansion and modernisation.
Significant progress was made in enhancing market access for Indian pharmaceuticals. The CDSCO–ANVISA MoU, signed in February 2026, lays a strong foundation for deeper cooperation and clearer regulatory processes. India’s affordable, high-quality medicines can help promote accessible healthcare.
The discussions highlighted significant progress towards easing trade, including the mutual recognition of Electronic Certificates of Origin and cooperation in the sectors of MSMEs, entrepreneurship, and handicrafts. In the agricultural sector, both sides outlined their priorities regarding phytosanitary (plant health-related) matters and agreed to advance the technical processes for mutual market access within a set timeframe.
Both sides reaffirmed close coordination in BRICS, the G20 and the WTO to promote an open, inclusive and development-oriented multilateral system. India welcomed Brazil’s support for the BRICS Economic Partnership Strategy 2030 and GVC Action Plan 2026–2030, while Brazil commended India’s BRICS Presidency and initiatives such as the BRICS Startup Knowledge Hub and Business Incubator.
India and Brazil have stepped up efforts to further strengthen economic cooperation through a high-level business reception in Brasília. The event brought together leading businesses and representatives from the industry sectors of both countries. The Commerce Secretary led a delegation of over 25 Indian companies, including groups such as Kirloskar, UPL, and Aditya Birla. Discussions focused on opportunities in sectors including critical minerals, renewable energy, pharmaceuticals, infrastructure, agribusiness, digital services, and advanced manufacturing.
Both sides also welcomed the opening of an ApexBrasil office in New Delhi to strengthen business-to-business ties and boost Brazilian investment in India. The engagement reaffirmed the two countries’ shared commitment to a stronger and future-oriented economic partnership.
(PIB)
