India, Brazil reaffirm trade ties, target $30 bn bilateral trade by 2030

India and Brazil have reaffirmed their commitment to deepen bilateral trade and economic cooperation, setting a target of USD 30 billion in bilateral trade by 2030.According to agency reports,the commitment was made during the 8th India-Brazil Trade Monitoring Mechanism (TMM) meeting in Brasília, co-chaired by Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres.The discussions focused on expanding and diversifying trade ties, particularly in pharmaceuticals, chemicals, engineering goods and machinery. Bilateral trade between the two countries reached USD 15.07 billion in 2025-26.
Both sides said complementarities between their economies could help build a more diversified, balanced and sustainable trade partnership and achieve the USD 30 billion target by 2030.During his visit, Agrawal also met Brazil’s Minister of Development, Industry, Commerce and Services Marcio Elias Rosa to discuss strengthening bilateral trade and investment in priority sectors.
India and Brazil also reviewed progress on the India-MERCOSUR Terms of Reference and committed to their early finalisation. Trade between India and the MERCOSUR bloc reached USD 20.84 billion in 2025, according to the Commerce Ministry.The two countries made progress on improving market access for Indian pharmaceutical products in Brazil. India sought more predictable regulatory pathways, with the CDSCO-ANVISA MoU signed in February 2026 seen as an important foundation for stronger cooperation in healthcare and pharmaceuticals.
The discussions also covered agricultural market access, phytosanitary issues, mutual recognition of Electronic Certificates of Origin, and cooperation in MSMEs, entrepreneurship and crafts.India and Brazil reaffirmed coordination on multilateral platforms including BRICS, the G20 and the WTO, with a focus on an open, inclusive and development-oriented multilateral system.An India-Brazil High Level Business Reception was also held in Brasília, where an Indian delegation comprising more than 25 companies explored opportunities in critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.Both sides welcomed the establishment of an ApexBrasil office in New Delhi, which is expected to strengthen business-to-business ties and facilitate greater Brazilian investment in India.