At the India–Brazil Business Forum in New Delhi, Union Commerce and Industry Minister Piyush Goyal called for an ambitious expansion of bilateral trade beyond the current USD 15 billion, with renewable energy, defence, pharmaceuticals and emerging technologies identified as priority sectors for deeper collaboration.
Addressing the plenary session, the Minister noted that bilateral trade between India and Brazil grew by 25 per cent over the past year to reach USD 15 billion. However, he described the figure as “suboptimal,” urging both countries to scale up engagement in line with the higher benchmarks set by Narendra Modi and Luiz Inácio Lula da Silva.
Renewables and Energy Transition in Focus
Renewable energy and clean technology emerged as central pillars of the next phase of cooperation. The Minister highlighted Brazil’s vast natural resource base—including niobium, lithium and iron ore—as critical to the global energy transition and advanced manufacturing ecosystems. These minerals play a strategic role in battery storage, electric mobility and next-generation renewable infrastructure.
He emphasised that India and Brazil, as major developing economies, can jointly reshape global value chains by combining resource strength, technological capability and innovation-driven growth. Clean energy partnerships, including solar, bioenergy and energy storage, were identified as areas with significant potential for technology exchange and investment flows.
Brazil remains India’s largest trading partner in the Latin America and Caribbean region, with expanding collaboration in energy, agriculture, agrochemicals and defence. The Minister underlined that strengthening renewable energy partnerships would align with both nations’ climate commitments and sustainable development goals.
Expanding Trade Architecture and Market Access
Highlighting India’s trade strategy, Shri Goyal said India has secured preferential access to nearly two-thirds of global trade through high-quality Free Trade Agreements (FTAs). India has also finalised terms of reference with Israel and the Gulf Cooperation Council (GCC), initiated discussions with Canada, and is actively working to expand the India–MERCOSUR Preferential Trade Agreement.
The Minister underscored the strategic importance of the MERCOSUR region in enhancing market access, boosting investments and fostering technology partnerships, including in clean energy and advanced manufacturing.
India’s Growth Momentum and Investment Climate
Positioning India as a trusted global investment destination, the Minister noted that the country attracted nearly USD 80 billion in foreign direct investment in FY2025—its highest-ever annual inflow. He added that India continues to be the world’s fastest-growing major economy, with real GDP growth exceeding 8 per cent in the second quarter, and is projected to become the third-largest economy globally within two years.
He attributed this performance to structural reforms in taxation, logistics, manufacturing, digital infrastructure and ease of doing business, alongside a strong push for outward investment and global integration through FTAs.
Strategic Cooperation and Global Platforms
The Minister also highlighted collaboration under multilateral platforms such as BRICS, IBSA, the G20 and the World Trade Organization, reinforcing the role of South-South cooperation in shaping equitable global economic governance.
Recalling Prime Minister Modi’s State Visit to Brazil in July 2025, Shri Goyal said both leaders had reaffirmed their commitment to deepening the strategic partnership, including cooperation in renewable energy and innovation-led growth.
Concluding his address, the Minister called for a forward-looking agenda centred on collaboration, clean energy transformation and shared prosperity, signalling a stronger and more ambitious India–Brazil partnership in the years ahead.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
