India, Brazil aim to double bilateral trade to $30 billion by 2030

India and Brazil have set a target of doubling bilateral trade to $30 billion by 2030 and agreed to step up efforts to expand market access for Indian pharmaceuticals and agricultural products.

The target was discussed at the eighth meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held in Brasilia, co-chaired by Commerce Secretary Rajesh Agrawal and Brazil's Secretary of Foreign Trade Tatiana Lacerda Prazeres.

Bilateral trade between the two countries reached $15.07 billion in 2025-26.

The two sides agreed to pursue a more diversified and balanced trade relationship, with pharmaceuticals, chemicals, engineering goods and machinery identified among the sectors with scope for greater engagement.

Agrawal also met Brazil's Minister of Development, Industry, Commerce and Services Marcio Elias Rosa to discuss ways to deepen trade and investment ties and enhance economic cooperation in priority sectors.

The meeting also reviewed progress on the India-MERCOSUR Terms of Reference, with both sides committing to their early finalisation.

India-MERCOSUR trade stood at $20.84 billion in 2025, according to the commerce ministry.

The India-MERCOSUR Preferential Trade Agreement could be expanded and modernised as part of efforts to boost trade between India and the South American trading bloc.

Pharma push

According to the commerce ministry, India pushed for more predictable regulatory pathways and greater market access for its pharmaceuticals products in Brazil.

The CDSCO-ANVISA memorandum of understanding signed in February 2026 provides an institutional framework for closer cooperation between India's Central Drugs Standard Control Organisation and Brazil's health regulator.

India has a large pharmaceutical industry and is a major supplier of affordable generic medicines globally.

The two sides also advanced discussions on agricultural market access, including priority phytosanitary requests for key products, the ministry said.

They agreed to take forward technical work towards reciprocal market access concessions within a time-bound framework.

India welcomed Brazil's efforts to advance the Strategy for BRICS Economic Partnership 2030 and the GVC Action Plan 2026-30.

Brazil, in turn, congratulated India on its initiatives during its BRICS presidency, including the BRICS Startup Knowledge Hub and BRICS Business Incubator.