Trade revolution between India and Brazil, new target of bilateral trade of 30 billion dollars by 2030

India Brazil Economic Partnership: Strategic ties between India and Brazil have touched a new and historic high as both the countries have decided to double their trade targets. ‘India-Brazil Business Forum’ held in New Delhi; Brazilian President Luiz Inácio Lula da Silva presented a visionary roadmap. The summit was organized in collaboration with leading organizations like FICCI and ApexBrazil in which future collaborations were discussed. In this important meeting, both the nations have reiterated their resolve to increase mutual trade to $30 billion by 2030.

new business goal

In his address, President Lula expressed special satisfaction over the trade progress made in the last few years and underlined the possibilities for the future. He said that in 2006, the trade between the two countries was only 2.4 billion dollars, whereas last year it has seen an increase of 25 percent. Now this trade figure has increased to 15 billion dollars but Lula believes that this is much less than the real potential of both the countries.

coordination of resources

Union Commerce and Industry Minister Piyush Goyal also strongly supported this target, saying that the current trade figures are not yet sufficient. He drew everyone’s attention towards the reserves of important minerals like niobium, lithium and iron ore present in Brazil. There is a strong possibility of giving a new strength to the global supply chain by the combination of India’s strong technology and Brazil’s resources.

Major Industrial Agreements

Many important and major agreements in strategic sectors like aerospace and mining have been officially signed during this forum. Brazilian aircraft manufacturer Embraer and Adani Defense have decided to set up an assembly line for the E175 regional jet in India. Apart from this, an iron ore facility worth $500 million has been agreed between NMDC, Vale and Adani Gangavaram Port.

Health and Pharma Sector

In the field of health also, both the countries have taken an important decision to take concrete and effective steps to work together. In the pharmaceutical sector, several bilateral agreements were signed for joint research and production of drugs for cancer and other serious diseases. The objective of these agreements is to ensure affordable and advanced health facilities for the citizens of both the countries so that the availability of medicines remains maintained.

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Digital and Aerospace

New and huge opportunities for cooperation between India and Brazil are also being seen in emerging sectors like agriculture, automobile and digital technology. Brazilian companies were also formally invited to invest in India’s huge market and partner with Indian startups. The two leaders stressed the need to protect the interests of developing countries and ensure a level playing field in the global economic system.