Brazilian President JairBolsonaro attended India’s 71st Republic Day parade as the chief guest for the event.
India-Brazil Business Forum held during his visit and 15 Memorandums of Understanding (MoU ) were signed between the two countries.
MoUs Signed: The MoUs related to investments, trade facilitation, social security, agriculture, defense, and double taxation were signed.
India – Brazil Business Leader’s Forum: The demand for reconstitution of the Forum was raised to make it more relevant and contemporary to businesses in both countries.
Trade Target: India-Brazil has set a target of USD 15 billion trade by 2022.
It needs to be noted that Brazil is one of the most important trading partners of India in the entire LAC (Latin America and the Caribbean) region.
However, bilateral trade between the two countries stands at a dismal $8 billion.
Tourism: Both the countries announced for visa-free travel which is expected to deepen ties, especially in the business and tourism sector.
Cultural Cooperation: India’s services in the wellness sector like Yoga and Ayurveda is expected to grow as Brazil has a strong community of Yoga and Ayurveda practitioners.
Brazil has an association with Ayurveda (ABRA) and the third International Congress on Ayurveda was held from 12 to 15 March 2018 in Rio de Janeiro (a city in Brazil). The case at the World Trade Organization. The Brazilian government has challenged the minimum price (Fair and Remunerative Price -FRP) for sugarcane set by the Indian government at the World Trade Organisation (WTO).
Indian farmers’ groups have requested the Brazilian President to withdraw its complaint against India.
Brazil has responded that it is open to finding a “non-litigious solution” to the dispute. Also, it added that the present issue would not affect bilateral collaborations on biofuels derived from sugarcane.
India and Brazil share a very close and multifaceted relationship at the bilateral level as well as in plurilateral fora such as BRICS, IBSA, G4, G20, BASIC, International Solar Alliance, Biofuture Platform and in the larger multilateral bodies such as the UN, WTO, UNESCO, and WIPO.
The strategic partnership was established between Brazil and India in 2006.