Boosting Bilateral Ties: Brazil and India's Ambitious Trade Goals
Brazilian President Luiz Inacio Lula da Silva aims to triple trade flows with India from $12 billion last year. Meeting with Indian Prime Minister Modi, Lula expressed intent for Embraer to expand in India and discussed enhancing Mercosur-India trade agreements to address tariff barriers.
- Country:
- Brazil
Brazil aims to significantly increase its trade with India, according to President Luiz Inacio Lula da Silva. Speaking after a state visit in Brasilia with Indian Prime Minister Narendra Modi, Lula announced the goal of tripling last year's $12 billion trade within a short timeframe, though an exact schedule wasn't provided.
Lula emphasized that Brazilian aerospace company Embraer is eager to enhance its partnerships with Indian firms to cement a firmer foothold within the Indian market. Such partnerships are anticipated to boost economic ties and facilitate technological exchange between both nations.
Moreover, Lula suggested that expanding a preferential trade agreement between India and the regional bloc Mercosur could aid in dismantling both tariff and non-tariff barriers, thus elevating trade volumes. Collaborative efforts could potentially lead to broader economic integration and mutual growth.
(With inputs from agencies.)
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