INDIA- BRAZIL TRADE RELATIONS

Five century old historic and cultural links are the cornerstone of the present extensive, amicable and comprehensive India Brazil Relationship.

 

Presence of Portuguese culture around the Western suburbs of India and Asian migration to South America well emanates this cultural bond and exchange.

Both India and Brazil are same alike emerging economies and share the stage at various International forums such as BRICS, BASIC, IBSA, G-20, UN, UNESCO, WTO and looking forward for the permanent membership of UN Security council in the near future.

Regular high level bilateral visits provided a sustained impetus toward strengthening the Strategic Relation. Recent Visit of Indian PM Mr. Narendra Modi to Brazil was in July, 2014 to participate in the 6th BRICS Summit. This was a remarkable path breaking visit as far as international and bilateral relations are concerned.

 

Development of BRICS New Development Bank and BRICS contingent Reserve arrangement were very significant step toward development of this region as well as other developing nations.

Brazil being the key global partner for India in the entire LAC region, PM Modi emphasized on 5 T (Trade, Tourism, Technology, Tradition, and Talent) relations with the country.

India is offering IT Technologies at abstemious cost to Brazil. Manufacturing goods, polyester and cotton yarn, chemical drugs are the major Indian export to Brazil. While Brazil is the major supplier of Crude diesel, sugar, soy oil and copper to India.

To further expand and diversify trade and investment flows and deepen cooperation in agriculture and dairy science, conventional and renewable energy, space research and applications, defense, cyber security and environment conservation, a total of 3 MOU’s were signed between the two countries.

 

1. MoU on cooperation in the field of environment

 

2. Implementing arrangement establishing cooperation in augmentation of a Brazilian earth station for receiving and processing data from Indian Remote Sensing (IRS) Satellites

 

3. MoU on cooperation in the field of mobility and consular issues.

There has also been the two way investment between India and Brazil. While the Brazilian companies invested in Automobiles, IT, Legal Consultancy Outsourcing, Mining, Energy, Bio-fuels, Indian big guns like Wipro, TCS, Infosys, Renuka Sugar, Mahindra and L&T are already present there.

India- Brazil are rapidly growing economies with solid agrarian and industrial base with a large middle class. Hence, a symbolic promising relationship which is required for trade to grow is present and shall be mutually beneficial for both.

*This text are made with colaboration:

Dev Sharma (Company Secretary & Cyber lawyer) - Dev Sharma & Associates. Lawyer from India. E- mail : csdevsharma786@gmail.com |  dsassociates.legal@hotmail.com

 

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