India and Brazil target USD 30 billion in bilateral trade by 2030

India and Brazil have set a target to increase bilateral trade to USD 30 billion by 2030. This goal was established during the 8th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held in Brasília.

Bilateral trade between the two nations reached USD 15.07 billion in the 2025–26 fiscal year. Discussions focused on deepening economic ties in strategic sectors, including pharmaceuticals, chemicals, engineering goods, machinery, agriculture, renewable energy, and digital technologies.

Participants also reviewed the progress of the India–MERCOSUR relationship. With India–MERCOSUR bilateral trade reaching USD 20.84 billion in 2025, both sides committed to the early finalization of the Terms of Reference for the Preferential Trade Agreement. Additionally, efforts were made to facilitate market access for Indian pharmaceutical products through improved regulatory pathways.