BRICS Summit: India and Brazil to Sign Agreement to Boost Bilateral Trade

India wants to double its investment in Brazil in next five years.

New Delhi (Sputnik) — India raised its concerns on issues relating to market access in agriculture, textiles, pharma and services including the high tax on import of services to Brazil.  

“In order to encourage more Indian investment and to create a legal framework, India and Brazil will sign an ‘Agreement on cooperation and facilitation investment,’ in Goa at the sidelines of the BRICS Summit. This is a very positive step towards India-Brazil relations and would speed up the process of development,” said Tovara Da Silva Nunes, Brazilian Ambassador to India.

Currently, Brazil is a major trade partner with India in Latin America. India has more than USD 5 billion invested  in Brazil. Total bilateral trade with Brazil stood at USD 6.6 billion during 2015-16 and both sides have set to achieve a target of USD 15 billion in the next four years.

The Brazilian ambassador was speaking at the first BRICS Trade Fair and Exhibition in Delhi, India. Over 600 exhibitors are showcasing their products and expertise at the BRICS Trade Fair. In addition to the BRICS Trade Fair, BRICS Business Forum will be held on October 13. Over 1000 business delegates from all BRICS countries will be participating in the BRICS business forum.