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Brazil India
07.11.23 18:31
Economics

Brazil seeks to increase trade with India

India's relations with Brazil are growing exponentially, say experts

India, with the world's second-largest agricultural gross domestic product (GDP) and the largest population on the planet, is Brazil's main trading partner in Asia, but it accounts for only 2 per cent of Brazil's exports and 3.3 per cent of imports. This is reported by Brasil 247, a partner of TV BRICS.

According to economist Fabio Sobral, a professor at the Federal University of Ceara (UFC), and Leonardo Ananda Gomes, CEO of the India-Brazil Chamber of Commerce (CCIB), the lacklustre partnership is mainly due to poor mutual awareness of potential sectors and products that could boost trade between the two countries.

According to Ananda Gomes, despite the difficulties and obstacles, Brazil is on the "right track" in its endeavour to increase trade with the Asian giant.

The businessman was part of a delegation of the Ministry of Agriculture and Livestock and Brazilian businessmen that was in India last week with an extensive bilateral agenda.

"We are undoubtedly experiencing the best moment in relations between Brazil and India. There are strong relations and bonds of friendship between the two countries," the CCIB CEO said.

He recalled that Brazil-India trade relations have surpassed US$15 billion in recent years, and between 2022 and 2023, exports of goods from Brazil to India will grow by 106 per cent and it is hoped that it will further strengthen in the coming months.

"We are seeing exponential growth. It is projected that after some time, perhaps five to six years, we will reach a trade volume of $100 billion, which is close to the bilateral trade between Brazil and China," the businessman said.

Currently, only three products (soya oil, crude oil and gold) account for 80 per cent of Brazilian exports to the Indian market, according to the Ministry of Agriculture and Livestock.

Fabio Sobral agrees that this moment is positive for strengthening bilateral co-operation between Brazil and India, but the results will be tangible in the long term and if innovative strategies are implemented to address the challenges faced by both countries.

The professor at the Federal University of Ceara believes that formats such as the India, Brazil and South Africa (IBSA) trilateral initiative, the BRICS bloc and the G20 have a fundamental role to play in the process of political engagement between the countries.

The fact that India held the G20 presidency last year and is handing over the presidency to Brazil has also played a crucial role as it has ensured important bilateral meetings between Brazilian and Indian ministers from different sectors and fields, as well as meetings between heads of state.

"Over the past year, President Lula has spoken with Prime Minister Narendra Modi on several occasions thanks to meetings organised at the G20, BRICS and IBSA forums, and this has also contributed to strengthening bilateral relations," Ananda Gomes stressed.

Photo: IStock

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