India and Brazil look to boost trade amid US tariffs

New Delhi is aiming to expand its economic engagement with the South American trading bloc MERCOSUR

India and Brazil have held discussions in New Delhi about ways to boost economic cooperation and bilateral investment.

The BRICS members, who have both been slapped with 50% tariffs by Washington, held the seventh meeting of the India-Brazil Trade Monitoring Mechanism (TMM) on Tuesday. The mechanism provides a platform for the two sides to discuss trade-related issues, identify areas of cooperation, and resolve trade concerns.

The talks marked a significant step towards strengthening trade relations between the two nations, officials said. Indian Commerce Secretary Rajesh Agrawal and Brazilian Secretary of Foreign Trade Tatiana Lacerda Prazeres led the discussions.

The meeting focused on expanding the preferential trade agreement between India and the South American trading bloc MERCOSUR, according to an official statement. The sides also explored ways to enhance collaboration in key sectors such as pharmaceuticals, chemicals, micro, small, and medium enterprises, and finance. 

BRICking Good! India & Brazil Push for Preferential Trade Pact