India and Brazil have agreed to double their bilateral trade to $30 billion by 2030, underscoring a deepening economic partnership focused on pharmaceuticals, agriculture, energy, and expanded trade agreements.
The commitment was reaffirmed during the 8th Meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held in Brasília, co-chaired by Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres.
Bilateral trade between the two major emerging economies reached $15.07 billion in 2025–26, driven largely by demand in key industrial sectors.
A central focus of the dialogue was the modernization of the India–MERCOSUR Preferential Trade Agreement. With overall trade between India and the Mercosur bloc hitting $20.84 billion in 2025, both sides committed to early finalization of the Terms of Reference to broaden market access.
Pharmaceuticals emerged as a primary pillar of cooperation. Following the signing of a landmark Memorandum of Understanding between India’s Central Drugs Standard Control Organisation (CDSCO and Brazil’s health regulator ANVISA in February 2026, Indian officials pushed for more predictable regulatory approval pathways to supply affordable, high-quality medicines to the Brazilian health sector.
On agriculture, the discussions advanced work on priority phytosanitary requests on key products of interest, while laying out a clear agenda to take forward the technical processes towards reciprocal market access concessions in a time-bound manner. To further reduce trade friction, both countries noted progress on the mutual recognition of Electronic Certificates of Origin and enhanced cooperation among Micro, Small, and Medium Enterprises (MSMEs).
On the sidelines of the institutional talks, Agrawal met with Brazil’s Minister of Development, Industry, Commerce and Services, Marcio Elias Rosa, and led a delegation of over 25 prominent Indian industry leaders — including representatives from the Kirloskar Group, UPL, and Aditya Birla Group — at a high-level business reception.
The engagement highlighted new investment avenues in critical minerals, renewable energy, digital services, logistics, and advanced manufacturing. Further bolstering economic ties, both sides welcomed the opening of a dedicated ApexBrasil office in New Delhi, designed to facilitate Brazilian direct investment into India.