India-Brazil, celebrating over 75 years of strong diplomatic partnership, held the 7th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in New Delhi. This dialogue took place as both nations aim to boost bilateral trade to USD 20 billion in the next five years, following the July 2025 state visit of Prime Minister Shri Narendra Modi to Brazil and his meeting with President Luiz Inacio Lula da Silva. For FY 2024-25, bilateral trade stood at USD 12.19 billion, with Brazil remaining India’s largest trading partner in Latin America and the Caribbean.
Meeting Highlights and Key Issues
Co-chaired by Shri Rajesh Agrawal, Commerce Secretary of India, and Ms. Tatiana Lacerda Prazeres, Secretary of Foreign Trade for Brazil, the meeting reviewed bilateral trade and investment relations. Discussions covered expansion of the India-MERCOSUR Preferential Trade Agreement (PTA), market access, visa regulations, collaboration in pharmaceuticals and healthcare, chemicals, MSMEs, banking, finance, and multilateral issues. The talks focused on forging sectoral partnerships and addressing regulatory challenges to strengthen economic links.
Strategic Importance and Roadmap
The TMM institutional mechanism affirms both countries’ commitment to deepening economic growth and broadening their multifaceted ties. A roadmap was outlined for expanding cooperation, with plans to enhance preferential access for goods, ease business travel, and develop joint ventures—especially in pharma, chemicals, and financial services.
Next Steps and High-level Review
A key outcome will be reviewed next week by the Vice President of Brazil and the Minister of Commerce and Industry of India during the former’s upcoming visit to India, reinforcing high-level political oversight and momentum for the bilateral economic agenda.
Conclusion: India-Brazil
The 7th India-Brazil TMM meeting underscores the enduring partnership and growing economic ambitions of both countries. As the bilateral relationship matures, the focus remains on innovation, market access, and shared prosperity for sustainable, long-term growth.
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Source: PIB
