India and Brazil have reaffirmed their commitment to strengthening trade ties through the expansion of the preferential trade agreement between India and the Mercosur bloc.

The agreement was reached during a meeting between India’s Minister of Commerce and Industry, Piyush Goyal, and Brazil’s Vice President, Geraldo Alckmin, according to ANI, a partner of TV BRICS.

Building on previous discussions, both sides concluded that an updated deal should establish preferential tariffs as the standard for a greater share of trade between the nations. Particular emphasis will be placed on engaging the private sectors of both countries in the process.

As a next step, the two parties agreed to convene a meeting of the Joint Administrative Committee in the near future to identify specific provisions of the agreement to be expanded. Negotiations are expected to be concluded within a year.

Brazil, for its part, has committed to aligning its position with fellow Mercosur members: Argentina, Paraguay, Uruguay, and Bolivia.

Photo: Oleksii Liskonih / iStock