India, Brazil Aim to Expand Bilateral Trade to $30 Billion by 2030

August 31, 2026

New Delhi: India and Brazil have reaffirmed their shared objective of expanding bilateral trade to $30 billion by 2030 through a more diversified, balanced and sustainable partnership, particularly in pharmaceuticals, chemicals, engineering goods and machinery, an official statement said on Monday.

The objective was discussed at the eighth meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in Brasilia, Brazil. The meeting was co-chaired by Commerce Secretary Rajesh Agrawal and Tatiana Lacerda Prazeres, Secretary of Foreign Trade in Brazil’s Ministry of Development, Industry, Commerce and Services (MDIC).

Agrawal also met Brazil’s Minister of Development, Industry, Commerce and Services, Marcio Elias Rosa, to discuss ways to deepen bilateral trade and investment ties and enhance economic cooperation in priority sectors.

India-Brazil trade reaches $15.07 billion

Bilateral trade between India and Brazil has shown consistent growth, reaching $15.07 billion in 2025-26.

Both sides also reviewed progress on the India-MERCOSUR Terms of Reference. The India-MERCOSUR Preferential Trade Agreement offers considerable scope for expansion and modernisation.

With India-MERCOSUR bilateral trade reaching $20.84 billion in 2025, both sides committed to the early finalisation of the Terms of Reference.

Pharmaceuticals and agriculture in focus

Significant progress was also made in facilitating market access for Indian pharmaceutical products. India emphasised the need for more predictable regulatory pathways and greater market access.

On agriculture, discussions advanced work on priority phytosanitary requests concerning key products of interest. Both sides also laid out a clear agenda to take forward technical processes towards reciprocal market access concessions in a time-bound manner.

The two countries reaffirmed close coordination on multilateral issues, including through BRICS, the G20 and the WTO, in support of an open, inclusive and development-oriented multilateral system.

Indian businesses seek stronger cooperation

An India-Brazil high-level business reception was also organised, with leading business representatives and industry stakeholders from both countries participating.

The Commerce Secretary led an Indian business delegation comprising more than 25 companies, including representatives from Kirloskar Group, UPL and Aditya Birla Group, among others.

Both sides welcomed the establishment of an ApexBrasil office in New Delhi, which is expected to strengthen business-to-business linkages and encourage greater flows of Brazilian investment into India.

The meeting, building on the strong political momentum led by Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula Da Silva, reflected the institutional framework underpinning the India-Brazil Strategic Partnership.