India and Brazil have reaffirmed their commitment to boosting bilateral trade, setting a target of USD 20 billion over the next five years. The renewed push came during the 7th meeting of the India-Brazil Trade Monitoring Mechanism (TMM), held in New Delhi on Tuesday, where senior officials from both countries discussed ways to deepen economic cooperation and strengthen investment ties across key sectors.
Discussions covered a wide range of issues, including pharmaceuticals and healthcare, chemicals and petrochemicals, MSMEs, banking and finance, and industrial promotion. Matters related to market access, visa facilitation, and the expansion of the India-MERCOSUR Preferential Trade Agreement (PTA) were also addressed, reflecting both countries’ focus on removing trade barriers and promoting business partnerships.
Brazil remains India’s largest trading partner in the Latin American and Caribbean region, with bilateral merchandise trade reaching USD 12.19 billion in FY 2024–25. Both nations are working towards diversifying their trade basket and strengthening institutional frameworks that support sustainable business growth and long-term investment opportunities.
The outcomes of the meeting will be reviewed next week during the visit of the Vice President of Brazil to India, who will meet the Minister of Commerce and Industry to assess progress and set future priorities. The continued engagement between India and Brazil through platforms like the TMM highlights their shared commitment to advancing trade cooperation and fostering mutual economic growth.
