India-Brazil Target USD 30 Billion Bilateral Trade by 2030, Discuss Pharma and Agriculture Market Access

New Delhi: India and Brazil have reaffirmed their commitment to deepen trade and economic ties, setting a shared objective of expanding bilateral trade to USD 30 billion by 2030. The two countries also discussed greater market access for Indian pharmaceuticals, agricultural trade and progress on the India–MERCOSUR Terms of Reference.

The discussions took place during the 8th Meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in Brasília, Brazil. The meeting was co-chaired by Commerce Secretary, Ministry of Commerce & Industry, Shri Rajesh Agrawal, and Secretary of Foreign Trade, Ministry of Development, Industry, Commerce and Services (MDIC), Ms. Tatiana Lacerda Prazeres.

The meeting built on the political momentum led by Prime Minister Shri Narendra Modi and President Luiz Inácio Lula De Silva and reviewed efforts to strengthen the India-Brazil Strategic Partnership and deepen strategic and economic ties.

India-Brazil Bilateral Trade Reaches USD 15.07 Billion

Commerce Secretary Shri Rajesh Agrawal also met Minister of Development, Industry, Commerce and Services, Government of Brazil, Mr. Marcio Elias Rosa, to discuss bilateral trade, investment and economic cooperation in priority sectors.

Bilateral trade between India and Brazil reached USD 15.07 billion in 2025–26. Both sides reaffirmed their shared objective of expanding bilateral trade to USD 30 billion by 2030 through a more diversified, balanced and sustainable partnership, particularly in pharmaceuticals, chemicals, engineering goods and machinery.

India-MERCOSUR Terms of Reference Reviewed

Both sides reviewed progress on the India–MERCOSUR Terms of Reference. The India–MERCOSUR Preferential Trade Agreement offers considerable scope for expansion and modernisation.

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

Greater Market Access for Indian Pharmaceuticals Discussed

Significant progress was also made in facilitating market access for Indian pharmaceutical products. The CDSCO–ANVISA MoU signed in February 2026 provides an important institutional foundation for deeper cooperation in health and pharmaceuticals.

India emphasised the need for more predictable regulatory pathways and greater market access. India can contribute to the availability of affordable, quality medicines and strengthen efforts towards more accessible healthcare.

Agriculture and Trade Facilitation

On agriculture, discussions advanced work on priority phytosanitary requests for key products of interest. The two sides also laid out an agenda to take forward technical processes towards reciprocal market access concessions in a time-bound manner.

The discussions noted progress on mutual recognition of Electronic Certificates of Origin and on Cooperation in MSMEs, Entrepreneurship and Crafts. These were termed significant steps towards greater trade facilitation and easing barriers to trade for business-to-business engagement.

India, Brazil Reaffirm Coordination on BRICS, G20 and WTO

Both sides reaffirmed close coordination on multilateral issues, including under BRICS, the G20 and the WTO, in support of an open, inclusive and development-oriented multilateral system.

India appreciated Brazil’s engagement in advancing the Strategy for BRICS Economic Partnership 2030 and the GVC Action Plan 2026–2030. Brazil congratulated India on its work during its BRICS Presidency, particularly initiatives such as the BRICS Startup Knowledge Hub and BRICS Business Incubator.

Over 25 Indian Businesses Join High-Level Reception

An India-Brazil High Level Business Reception was also organised in Brasilia with participation from leading business representatives and industry stakeholders from both countries.

Commerce Secretary led the Indian business delegation comprising over 25 Indian businesses, including representatives from Kirloskar Group, UPL, Aditya Birla Group, amongst others.

The reception provided a platform to explore collaboration in critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.

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

India and Brazil have a long-standing relationship characterised by mutual trust, democratic values and growing economic engagement. The visit further boosted momentum in bilateral ties and reaffirmed the shared commitment towards building a stronger and future-oriented economic partnership.