Brazilian Vice President Geraldo Alckmin concluded a significant three-day visit to India, where both nations agreed to intensify their economic and strategic engagement and set an ambitious bilateral trade target of $20 billion by 2030, up from $12 billion in 2024. The agreement was reached during the India-Brazil Business Dialogue in New Delhi, where Alckmin met with Union Commerce and Industry Minister Piyush Goyal, among other senior officials.
The primary mechanism for achieving this goal is the expansion of the existing Preferential Trade Agreement (PTA) under the Mercosur framework to cover a broader range of products and non-tariff issues. Highlighting the complementary nature of the two economies, Alckmin pitched for increased Indian investment in Brazil across sectors like automotive, IT, renewables, clean energy, and aerospace. The visit resulted in the signing of two pivotal decrees: an investment facilitation agreement and a pact to eliminate double taxation, both aimed at providing greater legal certainty for businesses.Beyond trade, cooperation was deepened in strategic areas. Brazil’s state-owned Petrobras signed a deal to supply 6 million barrels of oil to India in exchange for diesel imports, and the two nations agreed to collaborate on biofuels and ethanol blending. In the defense sector, Brazilian firm Embraer opened an office in New Delhi and is exploring local production of its KC390 multi-mission aircraft in partnership with Indian defense firms. Alckmin also announced the introduction of a business e-visa to ease travel, reinforcing the commitment to a resilient, long-term strategic partnership.
