Commerce Minister visits Brazil to participate in the 6th India-Brazil Trade Monitoring Mechanism meeting
The talks and interactions during the visit indicate a promising development in India-Brazil trade relations
India’s Secretary of Commerce and Industry Shri Sunil Barthwal paid an official visit to Brazil from 1 to 4 October 2023 to attend the 6th India-Brazil Trade Monitoring Mechanism (TMM) meeting. He was accompanied by a delegation of 20 business leaders representing the Confederation of Indian Industry (CII).
The visit took place in the backdrop of a surge in bilateral trade, which has doubled to USD 16 billion in the last two years. The visit was aimed at strengthening the rapidly growing commercial interaction between the two countries.
During his interaction with the Brazilian officials, the Commerce Secretary expressed gratitude to Brazil for its support during India’s G20 Presidency and conveyed India’s readiness to support Brazil during its G20 Presidency.
The Indian delegation held talks, business meetings and explored new trade opportunities with key Brazilian organisations including the Confederation of Brazilian Industries, the Commercial Association of Sao Paulo, the Federation of Industries of the State of Sao Paulo (FIESP) and Rio de Janeiro industries, demonstrating their strong commitment to enhancing bilateral trade and investment prospects.
On 4 October, the Commerce Secretary along with the Secretary of Foreign Trade for the Federative Republic of Brazil, Tatiana Lacerda Prazeres, held the 6th India-Brazil Trade Monitoring Mechanism (TMM) meeting. The two sides discussed bilateral trade issues at length and outlined a roadmap for its further development.
Barthwal also held extensive talks with Vice Minister of Development, Industry, Trade, and Services, Brazil, Marcio Elias Rosa, aimed at developing economic and trade partnership between the two countries.
The visit concluded with interaction with representatives of leading industries and members of Brazil’s Confederation of National Industries on the opportunities presented by India’s dynamic economic growth, including technology transfer, investment and so on. He also invited Brazilian industries to be part of the growing supply chain to India.
The talks and interactions held during the visit indicate a promising development in India-Brazil trade relations. The meetings set a positive tone for future dialogues to explore new trade opportunities and strengthen bilateral integration through global value chains, as reported by the official website of the Government of India.