Goyal Seeks Quantum Leap in India-Brazil Trade Ties
Calls for Expanded Cooperation in Defence, Energy, Pharma and High-Tech Sectors
- Bilateral trade up 25% to USD 15 billion; Minister says target must be higher
- India now has preferential access to nearly two-thirds of global trade
- Invites Brazil to expand ties in defence, energy, agriculture and tech
- Highlights India as trusted global investment destination with record FDI
GG News Bureau
New Delhi, 21st Feb: Union Minister of Commerce and Industry Piyush Goyal on Saturday called for a major expansion in India-Brazil economic ties, urging both countries to push bilateral trade beyond the current USD 15 billion and deepen cooperation across defence, renewable energy, pharmaceuticals and emerging technologies.
Addressing the plenary session of the India–Brazil Business Forum in New Delhi, the Minister noted that bilateral trade had grown 25 per cent over the past year to reach USD 15 billion, but described the figure as “suboptimal” given the potential of the two major economies.
Referring to the higher benchmarks set by Luiz Inacio Lula da Silva and Narendra Modi, Shri Goyal said both nations must “grow faster, grow bigger and grow together” for shared prosperity.
He described India and Brazil as natural partners, united by democracy, diversity and shared developmental aspirations. Brazil remains India’s largest trading partner in the Latin America and Caribbean region, with expanding engagement in defence, energy, agriculture and agrochemicals.
Highlighting India’s global trade outreach, the Minister said India has secured preferential access to nearly two-thirds of global trade through high-quality Free Trade Agreements. He noted that India is actively negotiating new trade pacts and has finalized terms of reference with Israel and the Gulf Cooperation Council, while discussions with Canada are underway.
He also emphasized the importance of expanding the India–MERCOSUR Preferential Trade Agreement to boost market access, investments and technology partnerships.
Shri Goyal underlined India’s emergence as a trusted and reliable global investment destination, citing nearly USD 80 billion in foreign direct investment in financial year 2025 — the highest ever in a single year. He said India remains the fastest-growing major economy, with strong GDP growth and structural reforms in taxation, logistics, manufacturing and digital infrastructure driving momentum.
Turning to Brazil’s strengths, the Minister pointed to its abundant reserves of niobium, lithium and iron ore — key resources for the global energy transition — along with its capabilities in agriculture, aerospace, automotive manufacturing and digital technologies.
He invited Brazilian companies to partner with India in co-creating jobs, strengthening supply chains and building innovation-led value chains for the future.
Reaffirming commitment to multilateral cooperation, Shri Goyal said India and Brazil continue to collaborate under BRICS, IBSA, the G20 and the World Trade Organization, strengthening South-South cooperation.
Concluding his address, the Minister expressed confidence that the present engagement would chart a forward-looking agenda and further reinforce the India–Brazil strategic partnership in the years ahead.
