India-Brazil Trade: Strengthening Economic Ties through Supply Chain
Invigorating Economic Ties through Supply Chain
India takes a significant step towards strengthening economic ties with Brazil by inviting Brazilian companies to its supply chain. This move will further boost bilateral trade, building on the sharp growth witnessed over the last two years.
Bilateral Trade: A Growing Opportunity
In recent years, bilateral trade between India and Brazil has seen a significant surge, increasing from USD 8 billion in 2019 to USD 16 billion in 2022. This growth testifies to the strengthening economic ties between the two countries. India is extending an invitation to Brazilian companies to participate in its supply chain, which is expected to further propel this growth.
Strengthening Supply Chain through Partnerships
During his October 1-4 visit to Brazil, Commerce Secretary Sunil Barthwal led the sixth India-Brazil Trade Monitoring Mechanism meeting. Next, he extended an invitation to Brazilian businesses to join India’s growing supply chain. This partnership is expected to generate new trade and investment opportunities between both nations.
Promoting Trade and Investment Opportunities
Barthwal met with Brazilian companies that have invested in India to discuss new trade and investment opportunities. He also met with representatives from leading MICE companies in Brazil, exploring ways to promote trade between the two countries. Furthermore, he co-chaired a meeting with Secretary of Foreign Trade for the Federative Republic of Brazil Tatiana Lacerda Prazeres in Brasilia on October 4.
Fostering Economic Cooperation
The visit comes at a time when both countries are looking to strengthen their economic cooperation. India’s growing supply chain offers a unique opportunity for Brazilian companies to participate and invest in the country’s growth story. In return, India can leverage Brazil’s expertise in areas such as agriculture and mining.
In conclusion, India invited Brazilian companies to join its growing ‘Supply Chain’. This significant step aims to strengthen economic ties between both nations. As ‘India-Brazil Trade’ continues growing, this move will likely boost trade opportunities further.
India and Brazil will consequently increase their investment flows, fostering stronger economic cooperation between the two countries. As a result, India actively opens its expanding supply chain to Brazilian businesses, creating new avenues for them to explore.
Additionally, such initiatives promote policy dialogue and regulatory collaboration comprehensively. They facilitate aligning frameworks to ease cross-border commerce and investment. In essence, India and Brazil are enhancing their economic partnership strategically.