Trade promotion MoUs signed during Brazilian President visit
Commerce and Industry Piyush Goyal has called for greater ambition in further strengthening economic engagement between India and Brazil, pointing out that bilateral trade grew by 25 per cent in the past year to reach US$15 billion, which, though, was suboptimal.
Addressing the Plenary Session of the India–Brazil Business Forum in New Delhi on 21 Feb, he highlighted higher benchmarks set by President Luiz Inácio Lula da Silva and Prime Minister Narendra Modi, and expressed confidence that both nations can grow faster, grow bigger and grow together for shared prosperity, especially expanding cooperation across sectors.
Brazil is India’s largest trading partner in the Latin America and Caribbean region, with bilateral engagement deepening in defence, energy, agriculture and agrochemicals.
MoUs were also exchanged in the presence of Prime Minister Narendra Modi and President Luiz Inácio Lula da Silva, who is on a state visit to India.
Goyal also emphasised the broader dimensions of the partnership, including South-South cooperation and collaboration under BRICS, IBSA, the G20 and the World Trade Organization (WTO). He expressed confidence in the bright future of bilateral ties.
Referring to India’s trade strategy, the Minister highlighted India’s emergence as a trusted and reliable destination for global business and investment, attracting nearly US$80 billion in foreign direct investment in financial year 2025, the highest ever in a single year.
He stated that India has recently concluded a series of high-quality Free Trade Agreements and is actively negotiating several more. With these agreements, India now enjoys preferential access to nearly two-thirds of global trade. He informed that terms of reference have been finalised with Israel and the Gulf Cooperation Council (GCC), discussions have been launched with Canada, and negotiations are expected to commence in the near future.
He underlined the importance of the MERCOSUR region and stated that India is working to expand the India–MERCOSUR Preferential Trade Agreement to enhance market access, promote investments, foster technology partnerships and strengthen engagement in sports, education and culture.
Goyal noted that the engagement comes at a time when both economies are experiencing renewed momentum. He stated that India is currently the world’s fastest-growing major economy, with real GDP growth in the second quarter exceeding 8 per cent.
Describing Brazil’s strengths, Goyal referred to its rich natural resources, including niobium, lithium and iron ore, which are vital for the global energy transition and emerging technologies. He also highlighted Brazil’s strengths in agriculture, aerospace, automotive and digital technologies, identifying these as areas of significant collaboration.
He stated that India and Brazil together have the potential to reshape global value chains through resources, innovation and a forward-looking vision, and invited Brazilian companies to partner with India in co-creating jobs, adding value and leveraging technology.
Separately, the Ministry of MSME has signed a Memorandum of Understanding (MoU) with the Ministry of Entrepreneurship, Micro and Small Enterprises of the Federative, Brazil, to deepend cooperation and advance green transition.
The MoU will provide a platform for both sides to discuss the issues concerning Micro, Small and Medium Enterprises (MSMEs) and explore possible areas of cooperation for mutual benefit of MSMEs in the two countries. It will provide a framework and enabling environment for the MSMEs of both countries to understand each other’s strengths, markets, technologies and policies.
The MoU also seeks to create enabling conditions for advancing the green transition, including facilitating MSMEs’ access to green finance, thereby enabling their integration into global markets and value chains, improving productivity, competitiveness and strengthening their capacity for sustainable development.
An MoU was also exchanged to strengthen bilateral cooperation in the field of regulation of pharmaceutical and medical products. The MoU was exchanged between India’s Central Drugs Standard Control Organisation (CDSCO) and Brazilian Health Regulatory Agency (ANVISA), marking an important step towards deeper regulatory collaboration between the two countries.
Director-President of ANVISA, Leandro Safatle, and Indian Ambassador to Brazil, Dinesh Bhatia, exchanged the MoU on 21 Feb in the presence of Prime Minister Modi President Lula da Silva.
The MoU establishes a structured framework for cooperation and exchange of information in the field of medical products, including pharmaceutical ingredients, drugs, biological products and medical devices. It aims to promote convergence in regulatory practices, enhance mutual understanding of regulatory systems and facilitate effective and coordinated oversight of medical products.
The exchange of the MoU reflects the shared commitment of India and Brazil to ensuring the availability of safe, effective and quality-assured medicines and medical products for their populations. The agreement is also expected to contribute to strengthening supply chains, encouraging regulatory best practices and supporting access to affordable healthcare solutions.
The MoU between CDSCO and ANVISA builds upon the broader India–Brazil cooperation in the health sector and complements existing institutional mechanisms for bilateral engagement. It underscores the growing collaboration between the two countries in health, pharmaceuticals and medical technologies, particularly in the context of their shared priorities as leading Global South partners.
An MoU was signed between the Ministry of Steel and the Ministry of Mines and Energy of Brazil to enhance cooperation in the field of mining and minerals required for the steel sector.
The MoU provides an institutional framework for strengthening bilateral cooperation across the steel value chain, with a focus on promoting reliable and sustainable development of key raw materials required for steel production.
The cooperation will focus on:
Attracting investment in exploration, mining, and infrastructure development in steel sector;
Processing and recycling technologies for minerals;
Automation and the use of advanced technologies in exploration and mining;
Use of artificial intelligence in geoscientific data analysis to enhance exploration processes;
Best practices in mineral extraction, processing, and environmental management.
Brazil is among the world’s leading producers of iron ore and possesses significant reserves of minerals critical to steelmaking, including manganese, nickel and niobium. Enhanced cooperation with Brazil is expected to improve access to key raw materials and technologies necessary for sustaining long-term growth of India’s steel sector.
India currently has a steelmaking capacity of 218 million tonnes. To meet growing domestic demand driven by infrastructure development and industrialisation, Indian companies are undertaking significant expansion in steelmaking capacity.
In this context, this MoU is an important step towards strengthening cooperation for development of mineral resources required for steel production, facilitating access to advanced technologies in mineral processing, beneficiation, recycling and data-driven exploration. This partnership will support efficient preparation of steelmaking inputs, enable technology-led improvements across the steel value chain and strengthen resilience and sustainability of the India–Brazil steel supply chain, the Steel Ministry said. fiinews.com
