During a meeting in New Delhi on 16 October 2025, Geraldo Alckmin, Vice President of Brazil and Minister of Development, Industry, Trade and Services, and Piyush Goyal, India’s Minister of Commerce and Industry, reaffirmed the shared interest of India and MERCOSUR Member States in expanding their existing Preferential Trade Agreement (PTA) to strengthen bilateral trade and investment ties.

Both sides recalled the Framework Agreement signed between India and MERCOSUR on 17 June 2003, aimed at fostering closer economic cooperation in line with World Trade Organization (WTO) rules. They agreed that the proposed expansion should be substantial and comprehensive, covering both tariff and non-tariff issues related to trade and economic partnership.

The leaders outlined a roadmap to guide the expansion process, agreeing on the following key points:

The revised agreement should ensure that a significant share of bilateral trade benefits from tariff preferences.

The initiative must include active participation from the private sector and key stakeholders to support and sustain the negotiation process.

A technical dialogue between the Parties will be established, including the early convening of the Joint Administration Committee created under Article 23 of the PTA, to define the scope of the expansion.

The Parties will strive to conclude negotiations within one year from their formal launch.

The Brazilian side further expressed its commitment to working closely with other MERCOSUR partners to ensure that the process leads to a substantial, swift, and mutually beneficial outcome for all involved.

The meeting underscored both countries’ determination to enhance economic cooperation, diversify trade, and support the broader goal of South–South economic integration through a modernised and ambitious trade framework.