Union Minister of Commerce and Industry Piyush Goyal addressed the plenary session of the India–Brazil Business Forum in New Delhi and urged a more ambitious trade agenda. He noted bilateral trade rose by 25 per cent in the past year to reach USD 15 billion (bn) and described that level as suboptimal, calling for stronger engagement to push commerce beyond USD 15 bn. He framed India and Brazil as natural partners bound by democracy, diversity and shared development aspirations.

He outlined expanding cooperation across defence, renewables, pharmaceuticals and emerging technologies, driven by people to people ties. He said Brazil is India’s largest trading partner in Latin America and bilateral links are deepening in defence, energy, agriculture and agrochemicals. He underlined the MERCOSUR region’s importance and explained that India is working to expand the India–MERCOSUR Preferential Trade Agreement to enhance market access, promote investments and foster technology partnerships alongside collaboration in sports, education and culture.

The minister described India’s trade strategy, noting conclusion of a series of high quality Free Trade Agreements and that terms of reference have been finalised with Israel and the Gulf Cooperation Council while discussions have been launched with Canada. He said these agreements give India preferential access to nearly two thirds of global trade and will enable domestic industry to expand internationally. He reported India attracted nearly USD 80 bn in foreign direct investment in financial year 2025, the highest on record.

He observed the engagement comes as both economies experience renewed momentum, with India the fastest growing major economy and real GDP growth in the second quarter exceeding eight per cent and added India is on track to surpass Germany within the next two years to become the world’s third largest economy. He attributed the shift to structural reforms since 2014 in taxation, logistics and manufacturing and stressed that Free Trade Agreements and outward investment will be critical to creating jobs. He described Brazil’s strengths in niobium, lithium and iron ore and invited Brazilian firms to partner in co creating value while safeguarding indigenous technologies.