Economic forum explores new Brazil–India partnerships
With the aim of boosting trade integration between Brazil and India, executives, diplomats, and government representatives from both nations gathered on Monday (Jul. 7) to discuss partnership opportunities. The Brazil–India Economic Forum was held simultaneously with the BRICS Summit, also in Rio de Janeiro.
The gathering identified 385 opportunities for Brazilian products in the Indian market in mineral fuels, machinery and transportation equipment, manufactured goods, chemicals, and animal and vegetable oils.
At the opening of the forum, the president of Brazil’s trade and investment agency ApexBrasil, Jorge Viana, said that Brazil has become one of the world’s top destinations for foreign investment, while India, whose population is likely to surpass China’s by 2023, brings opportunities for Brazilian products.
“In India’s case, we’re not likely to have another opportunity as great as this one, because the relationship between the two countries is conflict-free—these are friendly countries as well as territorial and population giants. Bilateral trade, which currently stands at around BRL 12 billion, is still tiny compared to this potential, especially as our balance is concentrated on just a few products. There is therefore enormous room for growth in both directions,” he stated.
Business council
The president of Brazil’s National Confederation of Industry (CNI), Ricardo Alban, pointed out that the Brazilian and Indian economies complement each other.
“We have several demands in common pertaining to sugar cane, sugar, and ethanol. Together, we can be protagonists in supplying sustainable aviation fuel to the world. I understand that, in the evolution of bilateral or multilateral relations, it is those who seek complementarity—not competition—who will come out on top,” Alban argued.
During the meeting, CNI and the Federation of Indian Chambers of Commerce and Industry announced they will be working towards the creation of the Brazil–India Business Council. The organization will have the mission of promoting dialogue between entrepreneurs and governments and formulating joint proposals to improve the business environment and encourage bilateral trade and investment.
Multilateralism
Trade Promotion Secretary at Brazil’s Ministry of Foreign Relations Laudemar Aguiar said the forum aims to consolidate an autonomous bilateral agenda taking into account the political weight of Brazil and India, with an emphasis on multilateralism and sustainable development.
“In a landscape of accelerating geopolitical and economic changes, we must strengthen the ties between these two vibrant democracies of the Global South that share aspirations for development with social justice, greater leadership in international forums, and sovereign insertion in global value chains. Cooperation between our countries is not only strategic, it is necessary for building a more equitable, inclusive, and sustainable international order,” he noted.
Figures
The fifth largest economy on the planet, behind the US, China, Germany, and Japan, India was only the 13th largest destination for Brazilian exports in 2024. In the same year, the Asian country was the sixth largest source of Brazilian imports.
The main product exported by Brazil to India in 2024 was sugar, even with the 100-percent tariff on the Indian market due to the high international competitiveness of the Brazilian product. As for imports, Brazil mainly bought organo-inorganic compounds and medicines, due to the Asian country’s prevalence in the pharmaceutical industry.
In direct investments—which create jobs—India invested $2.93 billion in the Brazilian market in 2023 (the latest year with data available). The country was only 28th in the ranking of foreign investments in Brazil. In the same year, the stock of Brazilian investments in India amounted to just $41.21 million, 63rd place.
