HomeBUSINESSStrengthening India-Brazil Trade Ties: Commerce Secretary's Official Visit

Strengthening India-Brazil Trade Ties: Commerce Secretary’s Official Visit

From October 1st to October 4th, 2023, Shri Sunil Barthwal, Secretary of the Department of Commerce, Ministry of Commerce & Industry, embarked on an official visit to Brazil. The primary purpose of this visit was to attend the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) and further enhance the burgeoning commercial relationship between the two nations.

Accompanied by a delegation of 20 prominent business leaders representing the Confederation of Indian Industry (CII), Shri Barthwal’s visit coincided with a remarkable milestone in bilateral trade. Over the past two years, India and Brazil had witnessed their trade double, reaching an impressive figure of US$16 billion.

During his interactions with Brazilian officials, Shri Barthwal commended Brazil for its support during India’s G20 Presidency and reaffirmed India’s commitment to reciprocate when Brazil assumes its G20 Presidency.

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The Indian delegation engaged in a series of discussions, business meetings, and explored new avenues for trade cooperation with key Brazilian organizations. These included the Confederation of Industries of Brazil, the Commercial Association of Sao Paulo, and the Federation of Industries of the State of Sao Paulo (FIESP), among others. These interactions showcased the unwavering commitment to bolster bilateral trade and investment prospects.

On October 2nd, 2023, the delegation actively participated in trade facilitation activities designed to nurture the growing trade relationship. A productive meeting with the Commercial Association of São Paulo offered an excellent platform to explore potential trade collaborations. The day concluded with an interactive session involving Indian companies operating in Brazil, fostering closer ties within the business community and identifying new opportunities.

On October 3rd, a breakfast meeting was held with Brazilian companies that had invested in India. This event underscored the Indian government’s dedication to supporting foreign investors and included discussions on fresh trade and investment prospects.

Shri Barthwal also engaged with representatives from leading MICE (Meetings, Incentives, Conferences, and Exhibitions) companies in Brazil and held discussions with the Federation of Industries of the State of São Paulo (FIESP), a crucial industry chamber in the region.

The highlight of the visit was on October 4th, 2023, when Shri Barthwal co-chaired the 6th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) with Ms. Tatiana Lacerda Prazeres, Secretary of Foreign Trade for the Federative Republic of Brazil, in Brasília. This meeting facilitated extensive discussions on matters related to bilateral trade and outlined a roadmap for its further enhancement.

Shri Barthwal also held comprehensive discussions with H.E. Mr. Marcio Elias Rosa, Vice Minister of Development, Industry, Trade, and Services, Brazil, to advance the economic and commercial partnership between the two nations.

The visit concluded with an interaction with leading industries and members of the Confederation of National Industries of Brazil, highlighting the opportunities presented by India’s dynamic economic growth, including technology transfer and investments. Shri Barthwal extended an invitation to Brazilian industries to participate in India’s growing supply chain.

This visit not only strengthens the India-Brazil trade relations but also sets a positive tone for future dialogues. The focus remains on exploring new trade opportunities and reinforcing bilateral integration through Global Value Chains, promising a bright future for this thriving partnership.

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