India, Brazil push for trade boost: Preferential trade agreement talks focus on market access; pharma and banking collaboration in focus

India and Brazil engaged in talks regarding the expansion of a preferential trade agreement, addressing market accessibility and potential collaboration in pharmaceutical and banking domains, according to an official statement, released on Tuesday, quoted by PTI.

The India-Brazil Trade Monitoring Mechanism (TMM) meeting, held locally, facilitated these discussions. The agenda encompassed bilateral trade and investment relationships, alongside plans to broaden the India-Mercosur preferential trade agreement.

Mercosur represents a Latin American trade alliance consisting of Brazil, Argentina, Uruguay and Paraguay.

The India-Mercosur preferential trade agreement (PTA) became operational on June 1, 2009, with a restricted scope covering 450 tariff lines or products. The deliberations extended to various sectors including market access, visa regulations, and collaborative opportunities in pharmaceuticals, healthcare, chemicals, petrochemicals, MSME, banking and finance.

Brazil maintains its position as India's primary trading partner in Latin America and the Caribbean region. The bilateral merchandise trade reached $12.19 billion during 2024-25.

Both nations aim to elevate this figure to $20 billion in the coming five years.

Commerce Secretary Rajesh Agrawal and Tatiana Lacerda Prazeres, Secretary of Foreign Trade at the Ministry of Development, Industry, Trade and Services, jointly presided over the meeting.

The Brazilian vice president and Indian minister of commerce and industry will evaluate the meeting's results during the former's upcoming visit to India next week.