India & Brazil Target $30B Trade by 2030

India and Brazil have formally agreed to significantly increase their bilateral trade, setting an ambitious target of $30 billion by 2030. This development follows the 8th Meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held recently in Brasília.

Key Trade Figures

• Current bilateral trade stands at $15.07 billion as of 2025–26.
• Trade between India and the MERCOSUR bloc reached $20.84 billion in 2025.
• The new target aims to double trade to $30 billion by 2030.

Strengthening Market Access and Agreements

The core of this expanded partnership involves modernizing the India–MERCOSUR Preferential Trade Agreement. Both nations are dedicated to finalizing the Terms of Reference, which will broaden market access for goods and services.

Discussions also focused on several key sectors to facilitate this growth. These initiatives aim to streamline processes and foster deeper economic ties between the two countries.

Sector-Specific Cooperation

• Pharmaceuticals: Cooperation is expanding, especially after the Memorandum of Understanding (MOU) signed in February 2026 between India’s CDSCO and Brazil’s ANVISA. India is actively seeking streamlined regulatory approvals to ensure a consistent supply of affordable, high-quality medicines to Brazil.
• Agriculture: Significant progress has been made on phytosanitary requests, alongside a clear plan for reciprocal market access concessions.
• Trade Friction Reduction: Efforts are underway to reduce barriers through mutual recognition of Electronic Certificates of Origin.
• MSME Collaboration: Increased cooperation among Micro, Small, and Medium Enterprises (MSMEs) is also a priority to boost trade volumes.

Driving Investment and Future Growth

Indian Commerce Secretary Rajesh Agrawal met with Brazil’s Minister of Development, Industry, Commerce and Services, Marcio Elias Rosa, during the talks. This meeting included a delegation of over 25 Indian industry leaders who explored new investment opportunities.

These potential investments span critical minerals, renewable energy, digital services, logistics, and advanced manufacturing. The establishment of an ApexBrasil office in New Delhi was also welcomed, designed to facilitate direct Brazilian investment into India.