India, Brazil Target $30 Billion Bilateral Trade By 2030

New Delhi: India and Brazil are looking to double bilateral trade to $30 billion by 2030, with both countries seeking stronger cooperation across pharmaceuticals, chemicals, engineering goods and machinery.

The target was reaffirmed at the eighth India-Brazil Trade Monitoring Mechanism meeting held in Brasilia. The talks were co-chaired by Commerce Secretary Rajesh Agrawal and Brazil's Foreign Trade Secretary Tatiana Lacerda Prazeres.

Bilateral Trade Crosses $15 Billion

Trade between India and Brazil reached $15.07 billion in 2025-26, reflecting steady growth in economic ties.

Agrawal also met Brazil's Minister of Development, Industry, Commerce and Services, Marcio Elias Rosa, to discuss opportunities for expanding investment and cooperation in priority sectors.

Both countries are aiming for a more diversified, balanced and sustainable trade relationship.

India-MERCOSUR Trade In Focus

The two sides also reviewed progress on the India-MERCOSUR Preferential Trade Agreement and stressed the need to modernise and expand the existing arrangement.|

India-MERCOSUR trade reached $20.84 billion in 2025. Both sides agreed to work towards early finalisation of the Terms of Reference for further negotiations.

Pharma, Agriculture Market Access

India sought more predictable regulatory pathways and improved market access for Indian pharmaceutical products in Brazil.

Agriculture was another major focus, with discussions progressing on phytosanitary approvals for priority products and reciprocal market access.

Both countries also agreed to maintain coordination at BRICS, G20 and WTO forums.

More than 25 Indian businesses participated in the accompanying business engagement, including representatives from Kirloskar Group, UPL and Aditya Birla Group.

The opening of an ApexBrasil office in New Delhi is also expected to strengthen business links and encourage Brazilian investment in India.