Union Commerce and Industry Minister Piyush Goyal on Saturday called for a significant expansion of India-Brazil trade beyond the current $15 billion, urging businesses from both countries to pursue deeper collaboration in defence, renewable energy, pharmaceuticals and emerging technologies.
Addressing the plenary session of the India-Brazil Business Forum in New Delhi, Goyal noted that bilateral trade had grown by 25 per cent in the past year to reach $15 billion but described the figure as “suboptimal.” He said both countries must aim higher to unlock the full potential of their economic partnership.
Referring to the higher benchmarks set by President Luiz Inacio Lula da Silva and Prime Minister Narendra Modi, the Minister expressed confidence that India and Brazil could “grow faster, grow bigger and grow together” for shared prosperity. He described the two nations as natural partners bound by democracy, diversity and shared development aspirations.
Goyal highlighted that Brazil is India’s largest trading partner in the Latin America and Caribbean region, with expanding cooperation in defence, energy, agriculture and agrochemicals. He also pointed to collaboration in multilateral platforms such as BRICS, IBSA, the G20 and the World Trade Organization, underscoring the broader strategic dimensions of the relationship.
Emphasising India’s trade and investment outlook, the Minister said India has emerged as a trusted global investment destination, attracting nearly $80 billion in foreign direct investment in the financial year 2025 – the highest ever in a single year. He noted that India has concluded several high-quality Free Trade Agreements and is negotiating others, giving the country preferential access to nearly two-thirds of global trade.
He informed that terms of reference have been finalised with Israel and the Gulf Cooperation Council, discussions have begun with Canada, and negotiations are expected to commence soon. Goyal also underlined the importance of the MERCOSUR region, stating that India is working to expand the India-MERCOSUR Preferential Trade Agreement to enhance market access, boost investments and strengthen cooperation in technology, sports, education and culture.
The Minister said the renewed engagement comes at a time when both economies are experiencing strong momentum. India, he noted, remains the world’s fastest-growing major economy, with real GDP growth exceeding 8 per cent in the second quarter. He added that India is on track to surpass Germany within the next two years to become the world’s third-largest economy, reflecting structural reforms undertaken since 2014 in taxation, logistics, manufacturing, digital infrastructure and ease of doing business.
Highlighting Brazil’s strengths, Goyal referred to its vast natural resources, including niobium, lithium and iron ore, which are critical for the global energy transition and emerging technologies. He also cited Brazil’s capabilities in agriculture, aerospace, automotive and digital sectors as promising areas for collaboration.
The Minister reaffirmed the shared commitment of both nations to protecting national interests and ensuring equitable access within global intellectual property frameworks, particularly in safeguarding indigenous technologies. He recalled that during PM Modi’s State Visit to Brazil in July 2025, both leaders had agreed to deepen the India-Brazil strategic partnership.
Concluding his address, Goyal expressed confidence that the current engagement would pave the way for a forward-looking agenda and stronger bilateral cooperation, driven by innovation, collaboration and a shared vision of mutual prosperity.
