India–Brazil Business Forum discussions in New Delhi highlighted India’s growing global trade footprint, as Union Minister of Commerce and Industry Piyush Goyal stated that India now enjoys preferential access to nearly two-thirds of global trade through high-quality Free Trade Agreements.
Addressing the plenary session of the India–Brazil Business Forum, Goyal underscored the expanding cooperation between India and Brazil across multiple sectors.
Referring to a 25 per cent growth in bilateral trade over the past year, which reached USD 15 billion, he described the current level of engagement as suboptimal and called for greater ambition in strengthening economic ties.
Referring to the higher benchmarks set by President Luiz Inácio Lula da Silva and Prime Minister Narendra Modi, he said both nations have the potential to “grow faster, grow bigger and grow together” for shared prosperity.
At the India–Brazil Business Forum, he described India and Brazil as natural partners, united by democracy, diversity, and common development aspirations.
He observed that the bilateral relationship has evolved into a strong and multifaceted strategic partnership, driven by robust people-to-people ties and expanding cooperation across sectors.
Brazil remains India’s largest trading partner in the Latin America and Caribbean region, with engagement deepening in defence, energy, agriculture, and agrochemicals.
Global Trade: Strategic Cooperation Across Global Platforms
Highlighting the broader framework of the India–Brazil Business Forum, Goyal pointed to South-South cooperation and collaboration under BRICS, IBSA, the G20, and the World Trade Organization (WTO). He expressed confidence in the bright future of bilateral ties.
Outlining India’s global trade strategy during the India–Brazil Business Forum, the Minister emphasised India’s emergence as a trusted and reliable destination for global business and investment.
He noted that India attracted nearly USD 80 billion in foreign direct investment in financial year 2025 — the highest ever in a single year.
He stated that India has recently concluded several high-quality Free Trade Agreements and is actively negotiating more. With these agreements, India now enjoys preferential access to nearly two-thirds of global trade.
He further informed that terms of reference have been finalised with Israel and the Gulf Cooperation Council (GCC), discussions have been launched with Canada, and negotiations are expected to commence soon.
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Global Trade: Expanding Engagement with MERCOSUR
At the India–Brazil Business Forum, Shri Goyal underlined the importance of the MERCOSUR region and stated that India is working to expand the India–MERCOSUR Preferential Trade Agreement.
The objective, he said, is to enhance market access, promote investments, foster technology partnerships, and strengthen collaboration in sports, education, and culture.
He noted that the India–Brazil Business Forum engagement comes at a time when both economies are witnessing renewed momentum.
According to him, India is currently the world’s fastest-growing major economy, with real GDP growth in the second quarter exceeding 8 per cent. He added that India is on track to surpass Germany within the next two years to become the world’s third-largest economy.
He attributed this growth to structural transformation since 2014, driven by reforms in taxation, logistics, manufacturing, digital infrastructure, compliance reduction, and ease of doing business.
He also stated that India actively promotes outward investment and that Free Trade Agreements will play a critical role in enabling Indian industry to expand both domestically and internationally.
Global Trade: Sectoral Strengths and Collaboration Potential
During the India–Brazil Business Forum, Goyal highlighted Brazil’s strengths, particularly its rich natural resources such as niobium, lithium, and iron ore, which are vital for the global energy transition and emerging technologies.
He also referred to Brazil’s capabilities in agriculture, aerospace, automotive, and digital technologies as areas of significant collaboration.
He stated that India and Brazil together have the potential to reshape global value chains through resources, innovation, and a forward-looking vision. Inviting Brazilian companies to partner with India, he called for co-creating jobs, adding value, and leveraging technology.
The Minister reaffirmed the shared commitment of both countries to safeguarding national interests and promoting equitable access within global intellectual property frameworks, particularly in protecting indigenous technologies.
