India–Brazil Trade Hits USD 15 Billion, Union Minister Urges Expanded Economic Cooperation

Union Minister of Commerce and Industry Shri Piyush Goyal addressed the Plenary Session of the India–Brazil Business Forum in New Delhi, outlining expanding cooperation across trade and investment. He noted that bilateral trade rose 25% in the past year to USD 15 billion and termed the current level as suboptimal.

He called for greater ambition to strengthen economic engagement, backed by deeper sectoral collaboration. He underscored that India and Brazil are natural partners anchored in democracy, diversity, and shared development goals.

Bilateral Trade and Strategic Partnership Outlook

The Minister said bilateral trade reached USD 15 billion after a 25% increase in the last year. He added that, while growth is encouraging, the current trade level remains below potential given the breadth of complementarities.

He emphasised people-to-people ties and a multifaceted strategic partnership spanning defence, energy, agriculture, and agrochemicals. He also referenced high-level guidance from President Luiz Inácio Lula da Silva and Prime Minister Narendra Modi in setting more ambitious targets for collaboration.

Multilateral Platforms and South–South Cooperation

Shri Goyal highlighted cooperation under BRICS, IBSA, the G20, and the World Trade Organization as enabling platforms for coordinated engagement. He said these groupings support South–South collaboration and facilitate aligned positions on trade facilitation and development.

The Minister expressed confidence that structured dialogue through these forums can advance shared priorities. He reiterated that the broader bilateral agenda benefits from multilateral coordination alongside targeted bilateral initiatives.

India’s Trade Strategy, FTAs, And Investment Flows

The Minister said India is attracting nearly USD 80 billion in FDI in FY25, describing it as the highest in a single year. He stated that India has concluded several high‑quality Free Trade Agreements and is negotiating more to expand preferential market access.

He added that terms of reference have been finalised with Israel and the GCC, discussions have been launched with Canada, and negotiations are expected to commence in the near future. He noted that with these agreements, India now enjoys preferential access to nearly two‑thirds of global trade, while also promoting outward investments by Indian industry.

Macroeconomic Context and Structural Reforms

The Minister stated that India is currently the world’s fastest‑growing major economy, with real GDP growth exceeding 8% in the second quarter. He attributed the momentum to structural reforms since 2014 in taxation, logistics, manufacturing, digital infrastructure, compliance reduction, and ease of doing business.

He said Free Trade Agreements are expected to enable industry expansion domestically and internationally by lowering trade barriers and improving competitiveness. He also said that India’s policy stance supports both inward FDI and outward investment from Indian enterprises.

Read More: India Strengthens Steel Supply Strategy with Brazil Mining Agreement.

Conclusion

Shri Piyush Goyal’s address at the India–Brazil Business Forum underscored a data‑backed push to widen trade, investment, and technology collaboration. The Minister outlined progress in bilateral trade, ongoing FTA efforts, and a focus on MERCOSUR to expand market access.

He highlighted macroeconomic momentum, structural reforms, and sectoral complementarities as key enablers for deeper ties. The session concluded with a call to co‑create opportunities across value chains and to elevate the strategic partnership through targeted, outcomes‑driven engagement.

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