India and Brazil Target $30 Billion Bilateral Trade by 2030

India and Brazil strengthened their economic partnership during the 8th meeting of the India–Brazil Trade Monitoring Mechanism (TMM) held in Brasília, Brazil. The meeting was co-chaired by India's Commerce Secretary Rajesh Agrawal and Brazil's Secretary of Foreign Trade Tatiana Lacerda Prazeres . $30 Billion Trade Target One of the major outcomes was the reaffirmation of the goal to increase bilateral trade to $30 billion by 2030 . India and Brazil are looking to expand commercial opportunities in sectors such as: Pharmaceuticals Chemicals Engineering goods Machinery Agriculture Renewable energy Digital services Infrastructure and logistics India–MERCOSUR Trade Agreement The two countries also reviewed progress on expanding and modernising the India–MERCOSUR Preferential Trade Agreement (PTA) . MERCOSUR is a major South American trade bloc. Strengthening the agreement could provide Indian businesses with wider access to markets in the region. Pharmaceutical Market Access Pharmaceuticals emerged as an important area of discussion. India sought better market access and smoother regulatory procedures for Indian pharmaceutical products in Brazil. Regulatory cooperation between the two countries is expected to help reduce barriers and facilitate pharmaceutical trade. Agriculture and Trade Facilitation Both countries discussed improving agricultural market access, including measures related to plant-health requirements and reciprocal access for agricultural products. They also worked on trade-facilitation measures, including greater recognition of electronic certificates of origin , which can make cross-border trade documentation faster and more efficient. Business and Investment Cooperation A high-level business interaction was also organised in Brasília. The Indian delegation included representatives from more than 25 Indian businesses , with discussions exploring opportunities in critical minerals, renewable energy, agribusiness, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing. Global Economic Cooperation India and Brazil also reaffirmed their intention to continue coordination through major international platforms including: BRICS G20 World Trade Organization (WTO) The engagement reflects the growing importance of Brazil in India's economic relations with Latin America and the broader Global South.