Brazil and India Strengthen Trade Ties with Electronic Business Visa and Expanded Agreements
Brazil and India are advancing trade relations with new electronic business visas, expanded tariff agreements, and strategic sector deals aiming to boost bilateral trade to $20 billion.
- • Brazil-India trade expected to grow from $15 billion to $20 billion.
- • Electronic business visas introduced to facilitate Indian entrepreneurs' access to Brazil.
- • Expansion of Mercosur-India Tariff Preferences Agreement to cover more products.
- • Petrobras to supply 6 million barrels of oil to India and launch 18 offshore oil blocks in Brazil.
Key details
Brazil and India are significantly expanding their economic partnership in 2025, setting ambitious trade growth targets while facilitating business interactions with new measures. Vice President of Brazil, Geraldo Alckmin, led a high-level delegation to India and announced that bilateral trade, which rose from $12 billion last year to an estimated $15 billion this year, could soon reach $20 billion.
A key development is the introduction of an electronic business visa for Indian entrepreneurs and consultants, simplifying visitation and fostering smoother business operations between the two countries. This initiative underscores the growing commercial engagement, supported by newly signed bilateral agreements aimed at facilitating investments and preventing double taxation.
Central to the trade expansion is the planned broadening of the Mercosur-India Tariff Preferences Agreement. Currently covering around 450 tariff lines, this agreement is poised to include more products, enhancing tariff reductions and market access amid prevailing geopolitical challenges. Ana Repezza from APEX-Brasil highlighted this expansion's importance for further opening the Indian market to Brazilian exports.
Strategic sector deals complement these actions. Petrobras is set to sign a contract supplying India with 6 million barrels of oil and has announced the unprecedented launch of 18 offshore oil exploration blocks within Brazil. Additionally, a forthcoming health cooperation agreement is expected, focusing on pharmaceutical and vaccine collaboration, with Brazilian Health Minister Alexandre Padilha leading negotiations.
Brazilian companies are also innovating to meet Indian market needs, exemplified by a $120 million investment from ANIDEC-Embraco to build an energy-efficient compressor factory in Maharashtra. The recently launched Brazil-India Business Council will hold its inaugural meeting in February, further institutionalizing business dialogue.
Alckmin emphasized the commitment from both nations: "Our goal is to reach $20 billion in bilateral trade, involving the private sector deeply to seize the vast opportunities in India." These multifaceted initiatives illustrate Brazil's determination to strengthen its ties with India across trade, energy, health, and investment spheres, promising substantial growth and deeper cooperation ahead.