India–MERCOSUR Terms of Reference reviewed in Brasilia
Recognising the complementarities between their two economies, Indian and Brazilian trade officials have reaffirmed objective of expanding bilateral trade to US$30 billion by 2030 through a more diversified, balanced and sustainable partnership, particularly in pharmaceuticals, chemicals, engineering goods and machinery.
This was the highpoint of a meeting between Commerce Secretary Rajesh Agrawal and Minister of Development, Industry, Commerce and Services, Brazil, Marcio Elias Rosa, who discussed further deepening bilateral trade and investment ties and enhancing economic cooperation in priority in Brasilia.
Bilateral trade between India and Brazil has shown consistent growth, reaching US$15.07 billion in 2025–26, the Ministry of Commerce and Industry said on 31 Aug in an update on trading between the two countries.
During the 8th Meeting of the India-Brazil Trade Monitoring Mechanism (TMM), both sides reviewed progress on the India–MERCOSUR Terms of Reference. The India–MERCOSUR Preferential Trade Agreement offers considerable scope for expansion and modernisation. With India-MERCOSUR bilateral trade reaching US$20.84 billion in 2025, both sides committed to early finalisation of the Terms of Reference.
Agrawal also reviewed trade with Secretary of Foreign Trade, Ministry of Development, Industry, Commerce and Services (MDIC) Tatiana Lacerda Prazeres.
Significant progress was also made in facilitating market access for Indian pharmaceutical products. The CDSCO–ANVISA MoU signed in February 2026 provides an important institutional foundation for deeper cooperation in health and pharmaceuticals. India emphasised the need for supporting more predictable regulatory pathways and facilitating greater market access. India can contribute to the availability of affordable, quality medicines and strengthen efforts towards more accessible healthcare.
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. The discussions also noted the encouraging progress on mutual recognition of Electronic Certificates of Origin and on Cooperation in MSMEs, Entrepreneurship and Crafts, terming them significant steps towards greater trade facilitation and easing barriers to trade for business-to-business engagement.
Both sides reaffirmed close coordination on multilateral issues, including under BRICS, the G20 and the WTO, in support of an open, inclusive and development-oriented multilateral system. India appreciated Brazil’s engagement in advancing the Strategy for BRICS Economic Partnership 2030 and the GVC Action Plan 2026–2030. Brazil congratulated India on its work during its BRICS Presidency, particularly initiatives such as the BRICS Startup Knowledge Hub and BRICS Business Incubator.
As a part of the bilateral engagement, an India-Brazil High Level Business Reception was also organised in Brasilia with participation from leading business representatives and industry stakeholders from both countries. Commerce Secretary led the Indian business delegation comprising over 25 Indian businesses, including representatives from Kirloskar Group, UPL, Aditya Birla Group, amongst others.
The Business Reception served as an important platform for exploring new avenues of collaboration in sectors such as critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.
Both sides also welcomed the establishment of ApexBrasil office in New Delhi which will strengthen business-to-business linkages and greater flow of Brazilian investment in India.
India and Brazil have a long-standing relationship characterised by mutual trust, democratic values, and growing economic engagement. The visit further boosted the momentum in bilateral ties and reaffirmed the shared commitment of both countries towards building a stronger and future-oriented economic partnership, the Ministry said. fiinews.com
