31 August,2026 11:51 AM IST | New Delhi | mid-day online correspondent
Representational Image. File pic.
With India and Brazil committed to expanding bilateral trade to USD 30 billion by 2030, India has sought for a more predictable regulatory environment in the South American country to boost exports of pharmaceutical goods, according to news agency PTI.
"India emphasised the need for supporting more predictable regulatory pathways and facilitating greater market access," the Ministry of Commerce and Industries said in a statement.
This was discussed during the eighth meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in Brasilia, Brazil, which Commerce Secretary Rajesh Agarwal is attending.
The secretary is leading an Indian business delegation comprising over 25 Indian businesses, including representatives from Kirloskar Group, UPL, Aditya Birla Group.
Significant progress was also made in facilitating market access for Indian pharmaceutical products, and the Ministry said India can contribute to the availability of affordable, quality medicines and strengthen efforts towards more accessible healthcare.
Besides, the two countries also agreed for early finalisation of terms of reference for starting negotiations to expand the scope of the existing trade pact between India and the South American bloc Mercosur. The terms of reference means the agreed framework that sets the scope, objectives, and rules for the negotiations of a trade pact.
Mercosur is a trade bloc in South America comprising Brazil, Argentina, Uruguay, and Paraguay.
The India-Mercosur Preferential Trade Agreement (PTA) came into effect on June 1, 2009, which has limited coverage and contains only 450 tariff lines or products. Both sides are looking at widening the scope to a full-fledged agreement, as per PTI.
"The India-Mercosur Preferential Trade Agreement offers considerable scope for expansion and modernisation. With India-Mercosur bilateral trade reaching USD 20.84 billion in 2025, both sides committed to early finalisation of the Terms of Reference," the ministry said.
Bilateral trade between India and Brazil stood at USD 15.07 billion in 2025-26 and the aim is to expand it to USD 30 billion by 2030.
"Recognising the complementarities between the two economies, both sides reaffirmed their shared objective of expanding bilateral trade to USD 30 billion by 2030 through a more diversified, balanced and sustainable partnership, particularly in pharmaceuticals, chemicals, engineering goods and machinery," the statement said.
(With inputs from PTI)
