13 Apr Trade Agreement Between India And Brazil
“The two sides have also agreed to set a target of $15 billion in bilateral trade by 2022, with the two economies complementary,” Said State Department spokesman Raveesh Kumar. During the discussions, the two sides also agreed that there is significant potential for increased ethanol production and absorption in the Indian energy mix and look forward to further cooperation in the region. For his part, Bolsonaro said that the two countries had further consolidated their already strong relations by signing 15 agreements providing for cooperation in a number of areas. Embassy of India website: eoibrasilia.gov.in/ Facebook: www.facebook.com/indiainbrazil Twitter: www.twitter.com/indiainbrazil Instagram: www.instagram.com/indiainbrazil/ YouTube: www.youtube.com/channel/UCTAUaQPy8nziEUnCues7bFg “Both leaders stressed that the World Trade Organization is a key element in supporting growth in developing countries. Recognising the complementarity of trade and investment, they also agreed that established bilateral mechanisms could be used appropriately to promote closer cooperation,” the joint statement said. The two sides also agreed on cooperation in the field of livestock. Relations between India and Brazil improved further after Jair Bolsonaro was elected president of Brazil in October 2018. Mr. Bolsonaro`s government has been equally skeptical of India`s relations with China, particularly with respect to the Belt and Road initiative.  New Delhi: India and Brazil signed 15 agreements on Saturday, following talks between Brazilian President Jair Messias Bolsonaro and Prime Minister Narendra Modi, to strengthen cooperation in areas such as energy, trade and investment, including cybersecurity and information technology.
China remained Brazil`s largest trading partner with a trade value of $58.5 billion (down -11.8% y-o-y), while the United States came in second with a total of $46.96 billion in bilateral transactions (down -7.11% y-o-y). In the past, oil and diesel trade accounted for nearly 50% of India`s and Brazil`s trade, but this trend has declined in recent years. In 2016, there was a huge drop in Brazil`s diesel oil imports from India, with only 465 million kg imported in 2016 compared to 2.668 billion kg in the same period the previous year, gaining $169 million, a small share of only 6.82% of all goods exported to Brazil. In dollar terms, the decline is equal to -89.33 per cent y-o-y, and this sharp fall has therefore had an impact on total trade figures. However, Brazil`s total diesel imports from the world fell sharply in 2016, with the exception of the United States, which led the way with an export value of $2.14 billion. Despite the sharp fall, India was the second largest exporter of diesel after Brazil. In addition to diesel, Indian exports to Brazil include many value-added products, such as biological chemicals, pharmaceuticals, mechanical products and textiles.