New Delhi: Responding to questions on expanding trade opportunities between India and Brazil beyond traditional commodities such as poultry and sugar by TheNewsSite.in , P. Kumaran, Secretary (East) , Ministry of External Affairs, on Saturday highlighted a broad spectrum of emerging sectors and an ambitious new trade vision shared by both nations.
On the issue of a BRICS currency, Kumaran clarified that there is no discussion underway regarding the creation of such a currency, Kumaran clarified during state visit of President Lula. While there is interest in facilitating trade through local currency settlements, President Lula had already clarified in a recent interview that no proposal for a BRICS common currency is currently being considered.
During the recent high-level engagement between Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva, both sides reviewed their earlier goal of increasing bilateral trade from $15 billion to $20 billion by 2030. However, President Lula suggested that the $20 billion target was “not ambitious enough” and proposed raising it to $30 billion by 2030, citing strong enthusiasm on both sides. He underscored Brazil’s commitment by noting that he had brought 11 ministers and 300 business leaders with him.
Addressing questions about new and niche trade areas such as yerba mate and macadamia nuts, asked by TheNewsSite.in , Amb. Kumaran explained that a wide range of sectors has been identified for deeper cooperation. These include energy, oil and gas, space collaboration, ncluding opportunities for launching and jointly building satellites—bioenergy, biofuels, sustainable aviation fuel, green economy initiatives, agriculture and livestock, healthcare, and traditional medicine. Yoga, he noted, is also generating significant interest in Brazil.
Digital cooperation emerged as a major theme. Brazil has shown strong interest in India’s Digital Public Infrastructure (DPI), including possible payment systems linkage and applications of UPI in agriculture, education, and healthcare. Discussions are also underway on integrating artificial intelligence into DPI platforms to better utilize data for policy initiatives.
Other priority areas include pharmaceuticals and vaccines, mining and critical minerals, defence, and aviation. An MoU was signed with Embraer, under which the company will establish an assembly or production line for regional jets in India. The Indian side has also requested that Embraer set up a Maintenance, Repair, and Overhaul (MRO) facility in the country.
India and Brazil during the fifth state visit of President Lula, are also exploring improved market access for agricultural products, including tariff adjustments for specific crops. However, Kumaran emphasized that discussions are at an early stage and detailed negotiations will follow, with further clarity expected from the Ministry of Commerce.
Several bilateral MoUs were signed during the visit, including agreements between FICCI India and ApexBrasil; Vale Group and Tata; Fiocruz and Biocon Pharma; and UNICA (Brazil Sugarcane Industry Association) and the Indian Sugar and Bio-energy Manufacturers Association.
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