Milwaukee, October 1 (Daily Kiran) : Brazil’s Minister of Development, Industry, Trade, and Services, Márcio Elias Rosa, highlighted India’s significance as a crucial trade partner during an exclusive interview in Milwaukee on October 1. He noted that the current trade agreement between Brazil and India has limited potential.
Speaking on the sidelines of the G20 trade ministers’ meeting, Rosa revealed that both nations are working towards expanding the existing “India-Mercosur Preferential Trade Agreement.” He remarked, “India is an economy that is very important for the entire world. We have good relations with them.”
Following a meeting with India’s Minister of Commerce and Industry, Piyush Goyal, Rosa addressed questions regarding the discussions held. He mentioned the possibility of a comprehensive agreement between both economies and Mercosur, the South American trade bloc that includes Brazil.
Rosa pointed out that the current preferential trade agreement between India and Mercosur covers only a small number of products. “We already have a tariff preference agreement, but it is very limited, including just 450 tariff items. Therefore, we need to expand it,” he stated.
The Brazilian minister indicated that discussions with India are progressing, and they are now in the phase of establishing a framework for further negotiations. “We have just drafted a ‘work framework,’ similar to what is currently being prepared with the United States,” he explained.
Once finalized, they will be able to prepare proposals for the expanded agreement. Rosa described his meeting with the Indian side as “excellent” and hinted that more work will be done in the coming months.
These negotiations illustrate Brazil and India’s efforts to move beyond existing tariff exemptions and enhance their trade relations by identifying areas for improved market access. Rosa identified several sectors where cooperation could be increased, including bio-economy, circular economy, and digital economy. He also mentioned discussions around artificial intelligence, skill development, and defense.
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