The Prime Minister of India, Narendra Modi, conducted an official visit to the Federative Republic of Brazil to participate in the XVII BRICS Summit held in Rio de Janeiro. Following the summit, the Prime Minister held a bilateral meeting with Brazilian President Luiz Inácio Lula da Silva in Brasilia.
During the meeting, both leaders positively evaluated the establishment of a ministerial mechanism aimed at fostering trade and economic exchange between their two countries. A joint goal was set to elevate bilateral trade to $20 billion within five years. In this context, discussions included the expansion of the existing Preferential Trade Agreement between India and MERCOSUR. Additionally, six Memoranda of Understanding (MOUs) were finalized in the areas of counter-terrorism, security information exchange, agricultural research, renewable energy, intellectual property rights, and digital cooperation.
Separately, India signed a trade agreement with MERCOSUR in 2004, which has been in effect since 2009. However, the agreement covers a limited list of tariff-exempt products.
