India and Brazil are looking to double their trade to $30 billion in the next four years and aspire to reach $50 billion by 2030, according to India’s Secretary of Commerce, Sunil Barthwal. Trade negotiations between the two countries also focused on reducing dependency on crude oil imports, with an emphasis on ethanol and biofuels blending. Currently, trade between India and Brazil stands at around $15.2 billion. Additionally, both nations have agreed to expand the India-Mercosur Preferential Trade Agreement when Brazil assumes the G20 presidency. Other areas of interest include strengthening micro, small, and medium-sized enterprises (MSMEs) and cooperation in the tourism sector.
Source: BQ Prime / Datamar News