Prime Minister Narendra Modi set an ambitious target on Tuesday to scale up bilateral trade with Brazil to $20 billion in the coming years.
Speaking at a joint press conference with Brazilian President Luiz Inacio Lula da Silva during his visit to Brazil, Modi said both countries will work closely to expand the Mercosur preferential trade agreement to cover more products and improve market access for Indian exporters.
Mercosur is a regional trade bloc comprising Brazil, Argentina, Paraguay, and Uruguay, and India currently has a limited PTA with the group.
Lula, too, added that his country aims to triple trade flows with India from $12 billion last year "in the short term", without giving a more specific time frame.
In a notable digital leap, Modi also announced plans to enable Unified Payments Interface adoption in Brazil, making it among the growing list of countries embracing India's homegrown digital payments infrastructure.
Key sectors identified for enhanced bilateral cooperation include agriculture, food processing, digital public infrastructure, and space technology. Modi emphasised the potential for collaboration in agri-tech and value-added food exports, areas where both countries can complement each other.
The visit also marks a broader diplomatic outreach to Latin America. With Brazil being a key member of both Brics and the G20, the renewed trade focus also aligns with India's efforts to play a more assertive role in being a voice for the Global South.
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