PANAJI, India – The Brazilian government on Monday sent a direct message to India about the importance Brasilia places on trade with New Delhi, presenting a proposal for preferential tariffs and signing several memorandums of understanding.
On the first stop of his first Asian tour after the G-20 summit, Brazilian President Michel Temer met with Indian Prime Minister Narendra Modi to discuss the opportunities Brazil presents India and Brazilian business leaders’ interest in the Indian market.
“We have a proposal to trade 500 preferential products with India,” Foreign Minister Jose Serra told reporters after the meeting of representatives of the two countries in the western Indian state of Goa, where the BRICS (Brazil, Russia, India, China and South Africa) summit took place Sunday.
In the defense area, Brazil is offering equipment to export to India, the world’s largest importer of such gear, Serra said, adding that his country was interested in exporting ethanol products, of which it is the largest producer in the world.
“Trade between the Indian and Brazilian economies can triple in the coming years because of the complementarity of the two economies,” Serra said.
Agriculture Minister Blairo Maggi, for his part, said some of these products were from the food industry, and India is a large importer of food.
The announcement came after the two countries signed four agreements in the areas of cooperation and facilitation of investment; regulation of pharmaceutical products; agriculture; and livestock.
“I am happy to note that India and Brazil have finalized the text of a bilateral investment agreement. It will provide much needed momentum to increased bilateral business and investment linkages,” Modi said during the ceremony marking the conclusion of the meetings.
Modi said India wanted to be a valuable partner to Brazil in the process of reviving its economy, which is why it welcomed Brazilian companies that wished to invest in India.
The prime minister thanked Temer for his support in expanding access for Indian products to the Brazilian market.
In 2015, bilateral trade was around $7.9 billion, well below the record $11.4 billion registered in the previous year.