New Delhi [India], February 21 : Union Minister of Commerce and Industry Piyush Goyal highlighted the expanding cooperation between India and Brazil across sectors. Referring to the growth in bilateral trade by 25 per cent in the past year to reach USD 15 billion, he described the current level as suboptimal and called for greater ambition in further strengthening economic engagement between the two countries.
Referring to higher benchmarks set by President Luiz Inacio Lula da Silva and Prime Minister Narendra Modi, he expressed confidence that both nations can grow faster, grow bigger and grow together for shared prosperity.
Highlighting the India-Brazil partnership, the Minister said, "India and Brazil are natural partners. Our relationship is built on the foundation of democracy, diversity and shared aspirations for development. We have a strong, multi-faceted strategic partnership driven by people-to-people ties and expanding cooperation across sectors. Brazil is India's largest trading partner in Latin America and the Caribbean region. We are also expanding cooperation in health and pharma, energy, including renewable energy, critical minerals, defence, the aviation sector, and there is significant growth in our collaboration in science and technology, digital public infrastructure, and artificial intelligence
Goyal also emphasised the broader dimensions of the partnership, including 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.
Referring to India's trade strategy, the Minister highlighted India's emergence as a trusted and reliable destination for global business and investment, attracting 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 a series of high-quality Free Trade Agreements and is actively negotiating several more. With these agreements, India now enjoys preferential access to nearly two-thirds of global trade. He 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 in the near future.
Goyal noted that the engagement comes at a time when both economies are experiencing renewed momentum. He stated that 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. This growth, he said, reflects structural transformation since 2014, driven by reforms in taxation, logistics, manufacturing, digital infrastructure, compliance reduction and ease of doing business. He further noted 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.
Describing Brazil's strengths, Goyal referred to its rich natural resources, including niobium, lithium and iron ore, which are vital for the global energy transition and emerging technologies. He also highlighted Brazil's strengths in agriculture, aerospace, automotive and digital technologies, identifying these 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, and invited Brazilian companies to partner with India in 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.
Goyal also expressed confidence that the present engagement would provide an opportunity to chart a forward-looking agenda and further strengthen bilateral strategic cooperation. He called for nurturing a stronger India-Brazil partnership through collaboration and innovation, with a shared vision of mutual prosperity in the years ahead.
While speaking at the India-Brazil Economic Forum, Brazilian President Luiz Inacio Lula Da Silva highlighted the optimism around India-Brazil relations.
"It's a very promising day for India and Brazil... I'm very optimistic about India-Brazil relations as we have a lot of similarities. We wish to no longer be developing countries and become developed nations... Our role is to open the door so that the business community can do what they know best. Negotiate, build partnerships, make investments in Brazil, in India, so that both economies may grow together... We make sure that India's and Brazil's wishes of becoming great economies are being fulfilled."
President Lula also pointed to Brazil's commitment to the Indian partnership.
"I sent my Vice President, who had the first business mission to India last year. And in this state visit, I have with me possibly the biggest delegation of ministers, business people of all the different trips that I have taken up until now, and this shows the commitment that I have with India."