Piyush Goyal urges India–Brazil trade to scale beyond $15bn, citing strong growth, FTAs and strategic cooperation.
Calling for a bold expansion of India–Brazil economic ties, Union Minister of Commerce and Industry Piyush Goyal on Friday said bilateral trade must move decisively beyond the current USD 15 billion level, describing it as “suboptimal” despite a robust 25% year-on-year growth.
Addressing the Plenary Session of the India–Brazil Business Forum in New Delhi, Goyal underscored the vast untapped potential between the two democracies and called for deeper collaboration across defence, renewable energy, pharmaceuticals, agriculture, emerging technologies and digital innovation.
Referring to the higher benchmarks set by President Luiz Inácio Lula da Silva and Prime Minister Narendra Modi, Goyal said India and Brazil can “grow faster, grow bigger and grow together” for shared prosperity. He described the two nations as natural partners, bound by diversity, democratic values and common development aspirations.
Brazil remains India’s largest trading partner in the Latin America and Caribbean region, with cooperation steadily deepening in defence, energy, agriculture and agrochemicals. The minister also highlighted the broader strategic canvas of engagement through South–South cooperation and multilateral platforms such as BRICS, IBSA, the G20 and the World Trade Organization.
India’s Trade and Investment Push
Goyal said India has emerged as a trusted and reliable global investment destination, attracting nearly USD 80 billion in foreign direct investment in FY2025—the highest ever in a single year. He noted that India has concluded a series of high-quality free trade agreements, giving the country preferential access to nearly two-thirds of global trade.
He added that terms of reference have been finalised with Israel and the Gulf Cooperation Council, discussions have begun with Canada, and new negotiations are expected shortly. Emphasising Latin America’s importance, Goyal said India is working to expand the India–MERCOSUR Preferential Trade Agreement to boost market access, investments, technology partnerships and cooperation in sports, education and culture.
Growth Momentum and Future Outlook
Highlighting India’s macroeconomic strength, Goyal said the country is the world’s fastest-growing major economy, with real GDP growth exceeding 8% in the second quarter. India is on track to surpass Germany within two years to become the world’s third-largest economy, driven by reforms in taxation, logistics, manufacturing, digital infrastructure and ease of doing business.
He also pointed to Brazil’s strategic strengths, including its reserves of niobium, lithium and iron ore, critical for the global energy transition, as well as its capabilities in agriculture, aerospace, automotive and digital technologies. Goyal invited Brazilian companies to partner with India to reshape global value chains through innovation, resource synergy and technology-led growth.
Reaffirming commitments made during Prime Minister Modi’s state visit to Brazil in July 2025, Goyal concluded by calling for a forward-looking agenda that deepens the India–Brazil strategic partnership and delivers mutual prosperity through collaboration and innovation.
Source: PIB
