India and Brazil, diplomatic allies for over 75 years, continue to deepen their multifaceted partnership, grounded in shared democratic values and a mutual commitment to development.
During Indian Prime Minister Narendra Modi’s State visit to Brazil in July 2025, he met with Brazilian President H.E. Mr. Luiz Inacio Lula da Silva. The two leaders set an ambitious target to raise bilateral trade to USD 20 billion over the next five years. Currently, Brazil stands as India’s largest trading partner in the Latin American and Caribbean region, with bilateral merchandise trade reaching USD 12.19 billion in the financial year 2024–25.
In a significant step forward, the 7th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) was held yesterday at Vanijya Bhawan in New Delhi. The meeting was co-chaired by Shri Rajesh Agrawal, Commerce Secretary, Ministry of Commerce & Industry, and Ms. Tatiana Lacerda Prazeres, Secretary of Foreign Trade, Ministry of Development, Industry, Trade and Services of Brazil.
The TMM meeting reaffirmed both countries’ commitment to fostering economic growth. Discussions covered a wide range of issues including a review of bilateral trade and investment ties, expansion of the India-MERCOSUR Preferential Trade Agreement (PTA), market access challenges, visa facilitation, and sectoral collaboration in areas such as pharmaceuticals and healthcare, chemicals and petrochemicals, MSMEs, banking and finance, industry promotion, and internal trade. Multilateral issues and other topics of shared interest were also addressed.
The outcomes of the meeting are expected to be reviewed next week during the visit of the Vice President of Brazil to India, who will meet with India’s Minister of Commerce and Industry.
