India and Brazil have renewed their commitment to expanding bilateral trade to $30 billion by 2030, with both sides focusing on a more diversified, balanced and sustainable economic partnership.

The objective was reiterated during the 8th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in Brasilia, Brazil. The meeting was co-chaired by Commerce Secretary Rajesh Agrawal and Tatiana Lacerda Prazeres, Secretary of Foreign Trade, Ministry of Development, Industry, Commerce and Services (MDIC).

The discussions placed particular emphasis on sectors including pharmaceuticals, chemicals, engineering goods and machinery.

Agrawal also met Minister of Development, Industry, Commerce and Services, Márcio Elias Rosa, to discuss further deepening bilateral trade and investment ties and enhancing economic cooperation in priority sectors.

Bilateral Trade Reaches $15.07 Billion

Trade between India and Brazil has maintained consistent growth, reaching $15.07 billion in 2025-26. Both countries reviewed progress under the India-MERCOSUR Terms of Reference.

The India-MERCOSUR Preferential Trade Agreement offers considerable scope for expanding and modernising trade between the participating countries.

With India-MERCOSUR bilateral trade reaching $20.84 billion in 2025, both sides committed to the early finalisation of the Terms of Reference.

Focus on Pharmaceutical Market Access

According to the official statement, significant progress was also made in facilitating market access for Indian pharmaceutical products.

India emphasised the need for supporting more predictable regulatory pathways and facilitating greater market access for its pharmaceutical industry.

On agriculture, discussions advanced work on priority phytosanitary requests concerning key products of interest. Both sides also outlined a clear agenda for taking forward technical processes towards reciprocal market access concessions in a time-bound manner.

Coordination on BRICS, G20 and WTO

India and Brazil reaffirmed their close coordination on multilateral issues, including through the BRICS, G20 and WTO.

The two sides reiterated their support for an open, inclusive and development-oriented multilateral system.

Business Engagement and Investment

An India-Brazil high-level business reception was also organised, with participation from leading business representatives and industry stakeholders from both countries.

The Commerce Secretary led the Indian business delegation, which comprised over 25 Indian businesses, including representatives from Kirloskar Group, UPL and Aditya Birla Group, among others.

Both sides also welcomed the establishment of an Apex-Brasil office in New Delhi, which will strengthen business-to-business linkages and facilitate a greater flow of Brazilian investment in India.

The meeting, building on strong political momentum led by Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva, reflected the strong institutional underpinning for the India-Brazil Strategic Partnership.