India and Brazil Target $30 Billion Bilateral Trade by 2030

The Government of India and the federal government of Brazil reaffirmed a shared goal to double their bilateral trade to $30 billion by 2030 during the eighth India-Brazil Trade Monitoring Mechanism meeting in Brasilia. Bilateral trade stood at $15.07 billion in 2025-26, and both nations are now seeking expanded cooperation in pharmaceuticals, chemicals, machinery, and engineering goods.

Indian Commerce Secretary Rajesh Agrawal and Brazil's Foreign Trade Secretary Tatiana Lacerda Prazeres co-chaired the meeting, where India requested more predictable regulatory pathways and improved market access for its pharmaceutical products. This effort is supported by a February 2026 memorandum of understanding between the Central Drugs Standard Control Organization and the Brazilian Health Regulatory Agency. The delegations also discussed phytosanitary approvals for agricultural goods and committed to finalizing the Terms of Reference to modernize the India-MERCOSUR Preferential Trade Agreement.

To facilitate further economic ties, ApexBrasil is opening an office in New Delhi to encourage Brazilian investment in India. During a high-level business reception, the Indian delegation explored joint ventures in advanced manufacturing, renewable energy, and critical minerals. Rajesh Agrawal also held separate talks with Brazil's Minister of Development, Industry, Commerce and Services, Márcio Fernando Elias Rosa, to discuss investment and cooperation.