Brazil and India are moving to significantly expand their existing preferential trade agreement with Mercosur, the South American trade bloc that includes Brazil and other South American economies.
Brazilian Development, Industry, Trade and Services Minister Márcio Elias Rosa said the current pact covers only around 450 tariff lines and is too limited.
Speaking after a meeting with India’s Commerce and Industry Minister Piyush Goyal on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee, Rosa said both sides have completed the terms of reference for broader negotiations. He said the framework would enable the two sides to begin building concrete proposals for an expanded trade agreement.
The discussions are also looking at deeper cooperation in areas including the bioeconomy, circular economy and digital economy, along with artificial intelligence, skills development and defence. The move could broaden trade and economic ties between India and Mercosur.
