India and Brazil have held their eighth Trade Monitoring Mechanism meeting to review and strengthen economic ties between the two nations. The meeting, held in Brasília, was co-chaired by India’s Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres. The two countries have set an ambitious target to nearly double their bilateral trade to USD 30 billion by 2030.
Key developments from the meeting
Bilateral trade between India and Brazil reached USD 15.07 billion in 2025-26, showing steady expansion. Both countries aim to achieve USD 30 billion in trade by 2030 through increased engagement in pharmaceuticals, chemicals, engineering goods and machinery.
The India-MERCOSUR trade relationship was reviewed during the meeting. Trade between India and MERCOSUR countries stood at USD 20.84 billion in 2025. Both sides committed to finalising the Terms of Reference for their preferential trade agreement and expanding market access opportunities.
On pharmaceuticals, India pressed for greater market access in Brazil. An agreement signed between India’s drug regulator CDSCO and Brazil’s ANVISA in February 2026 was identified as providing a framework for deeper cooperation in health and medicines. India highlighted its capacity to supply affordable, quality medicines to support healthcare access in Brazil.
Agricultural trade was also discussed, with both countries prioritising phytosanitary approvals for key products and working towards reciprocal market access within a set timeframe. Progress was noted on mutual recognition of Electronic Certificates of Origin and cooperation in small and medium enterprises.
The Commerce Secretary led a business delegation of over 25 Indian companies to a high-level reception in Brasília, including representatives from major firms such as Kirloskar Group, UPL and Aditya Birla Group. The event explored collaboration opportunities in critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services and manufacturing.
Brazil announced the establishment of an ApexBrasil office in New Delhi to strengthen business connections and attract Brazilian investment into India.
What this means for you
If you work in Indian pharmaceuticals, chemicals or engineering, the expanded market access being pursued with Brazil could create new export opportunities. Indian businesses looking to invest abroad or source raw materials and components may find better terms through the deepening trade relationship. For consumers, increased bilateral trade and investment could eventually improve access to Brazilian products in India and support competitive pricing. Students and professionals in these sectors should monitor emerging opportunities as the two countries work to achieve their 2030 trade targets.