Union Minister of Commerce and Industry Piyush Goyal called for a significant expansion of India–Brazil economic engagement beyond the current USD 15 billion mark, urging both countries to adopt greater ambition in deepening trade and strategic cooperation across key sectors including defence, renewables, pharmaceuticals and emerging technologies.
Addressing the Plenary Session of the India–Brazil Business Forum in New Delhi, Piyush Goyal noted that bilateral trade grew by 25 per cent in the past year to reach USD 15 billion. However, he described this level as suboptimal given the size, capabilities and complementarities of the two economies. Referring to the higher benchmarks set by President Luiz Inácio Lula da Silva and Prime Minister Narendra Modi, he expressed confidence that both nations can grow faster, grow bigger and grow together for shared prosperity.
Piyush Goyal described India and Brazil as natural partners bound by democracy, diversity and shared aspirations for development. He said the relationship has evolved into a strong and multifaceted strategic partnership, driven by people to people ties and expanding cooperation across sectors. Brazil is India’s largest trading partner in the Latin America and Caribbean region, with bilateral engagement deepening in defence, energy, agriculture and agrochemicals.
He also highlighted broader collaboration through South South cooperation platforms and multilateral groupings such as BRICS, IBSA, the G20 and the World Trade Organization, expressing confidence in the future trajectory of bilateral ties.
Outlining India’s trade strategy, Piyush Goyal emphasised that India has emerged as a trusted and reliable destination for global business and investment. He stated that India attracted nearly USD 80 billion in foreign direct investment in the financial year 2025, the highest ever in a single year. He noted that India has recently concluded a series of high quality Free Trade Agreements and is actively negotiating several more. With these agreements, India now enjoys preferential access to nearly two thirds of global trade.
He informed that terms of reference have been finalised with Israel and the Gulf Cooperation Council, discussions have been launched with Canada and negotiations are expected to commence in the near future. He also underlined the importance of the MERCOSUR region and stated that India is working to expand the India–MERCOSUR Preferential Trade Agreement to enhance market access, promote investments, foster technology partnerships and strengthen engagement in sports, education and culture.
Piyush Goyal observed that the engagement comes at a time when both economies are witnessing renewed momentum. He said India is currently the world’s fastest growing major economy, with real GDP growth in the second quarter exceeding 8 per cent. He added that India is on track to surpass Germany within the next two years to become the world’s third largest economy. This performance, he said, reflects structural transformation since 2014, driven by reforms in taxation, logistics, manufacturing, digital infrastructure, compliance reduction and ease of doing business. He also stated that India actively promotes outward investment and that Free Trade Agreements will play a critical role in enabling Indian industry to expand domestically and internationally.
Referring to Brazil’s strengths, he highlighted its rich natural resources including niobium, lithium and iron ore, which are critical for the global energy transition and emerging technologies. He also pointed to Brazil’s capabilities in agriculture, aerospace, automotive and digital technologies as areas of significant collaboration. He said India and Brazil together have the potential to reshape global value chains through resources, innovation and a forward looking vision, and invited Brazilian companies to partner with India in co creating jobs, adding value and leveraging technology.
The Minister reaffirmed the shared commitment of both countries to safeguarding national interests and promoting equitable access within global intellectual property frameworks, particularly in protecting indigenous technologies. He recalled that during the State Visit of Prime Minister Narendra Modi to Brazil in July 2025, both Prime Minister Narendra Modi and President Luiz Inácio Lula da Silva agreed to deepen the India–Brazil strategic partnership.
Concluding his address, Piyush Goyal expressed confidence that the present engagement would chart a forward looking agenda and further strengthen bilateral strategic cooperation. He called for nurturing a stronger India–Brazil partnership through collaboration and innovation, with a shared vision of mutual prosperity in the years ahead.
