New Delhi: India and Brazil have agreed to explore ways to expand their existing Preferential Trade Agreement (PTA) as part of efforts to deepen bilateral economic and strategic ties. The agreement was reached during the India-Brazil trade dialogue in Delhi on Tuesday, which was attended by Brazilian Vice President Geraldo Alckmin, Defense Minister José Múcio Monteiro Filho and India’s Commerce and Industry Minister Piyush Goyal.
Speaking at an event organized by Ficci, Goyal said the discussions focused on strengthening trade cooperation and expanding market access for businesses from both countries. “We discussed with Brazil today the expansion of our PTA from the current level to penetrate the South American market in a bigger way,” Goyal told reporters, describing the meeting as a “very good dialogue and discussion” with the visiting Brazilian delegation.
He emphasized that the participation of Brazil’s top leadership, including its defense and health ministers, reflected “a growing interest in India’s growth story.”
Vice President Geraldo Alckmin, who also serves as Brazil’s Minister of Development, Industry, Trade and Services, said that India and Brazil share a strong relationship and that bilateral trade between the two nations will reach $12 billion in 2024.
“This year India’s exports to Brazil have grown by more than 30%, and exports from Brazil are also growing. We will surpass the foreign trade target of $20 billion by 2030. The two countries are not competing, but complementary. Brazil is opening its doors to Indian investment, and together we can transform our economies and create a strong alliance between Brazil and India for the future,” Alckmin said.
Alckmin added that Brazil considers India a priority partner for diversifying exports and investments. “Continued cooperation on an investment facilitation agreement and measures to avoid double taxation would create a more predictable and secure business environment. We want to expand the preferential trade agreement to expand our trade flows. We also want to strengthen our long-term cooperation in the civil and defense sectors,” he added.
The Vice President also encouraged Indian companies to invest in Brazilian sectors such as automotive, IT, renewables, clean energy, healthcare, aerospace, agriculture, semiconductors and digital innovation. He said both sides were working on an e-visa system to improve connectivity and ease travel.
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Asked whether India’s relationship with Brazil has become more strategic in light of the US tariff hike, Goyal said: “Our friendship is not determined by other factors. I don’t think it makes any difference.”
India maintained a trade surplus with Brazil in FY25, with exports worth $6.77 billion and imports worth $5.42 billion, taking the total bilateral trade in goods to $12.19 billion during the year, according to Commerce Department data. In FY24, India’s exports to Brazil reached $6.02 billion and imports $6.21 billion, bringing the total trade volume to $12.23 billion. In FY23, exports were $9.92 billion and imports were $6.63 billion, bringing the total trade volume to $16.55 billion. However, the numbers show that overall bilateral trade has moderated since FY23 due to lower commodity prices and reduced demand for certain manufactured goods.
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On the occasion of World Food Day, Goyal highlighted the strong agricultural partnership between the two countries, calling India and Brazil “two leading agricultural producing countries that contribute significantly to global food security”. The dialogue will open new avenues for cooperation in agribusiness, food processing and sustainable agriculture, he said.
Quoting Prime Minister Narendra Modi, Goyal said relations between India and Brazil should be “as colorful as a carnival and as passionate as football”, adding that traditional wellness practices such as yoga and Ayurveda – already included in Brazil’s healthcare system – could further strengthen cultural and health cooperation.
Goyal added, “We are also in active dialogue with the US, EU, Chile, Peru, New Zealand and Oman, which clearly shows that India is a popular and preferred destination for investment and bilateral trade.”
Reiterating India’s robust economic fundamentals, Goyal said the country recorded GDP growth of 7.8% in the first quarter, making it the fastest growing major economy in the world. He expressed confidence that India will maintain this momentum “for at least the next two decades”, supported by strong macroeconomic fundamentals, modern infrastructure and improved quality of life for citizens.
Goyal also cited the International Monetary Fund’s recent upward revision of India’s 2025 growth from 6.4% to 6.6%, noting that about 250 million people have been lifted out of poverty in the last 12 years. “Well-being and infrastructure investments in India are working together to create a more inclusive and sustainable economy,” he said, highlighting the government’s commitment to structural reforms, ease of doing business and reducing compliance burdens.
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