India and Brazil have reaffirmed their shared objective of expanding bilateral trade to $30 billion by 2030 through a more diversified, balanced and sustainable partnership, particularly in pharmaceuticals, chemicals, engineering goods and machinery, an official statement said on Monday.

It was conveyed at the 8th meeting of the India-Brazil Trade Monitoring Mechanism (TMM) in Brasilia, Brazil, co-chaired by Commerce Secretary Rajesh Agrawal and Tatiana Lacerda Prazeres, Secretary of Foreign Trade, Ministry of Development, Industry, Commerce and Services (MDIC).

Agrawal also met Minister of Development, Industry, Commerce and Services, Marcio Elias Rosa, to discuss further deepening bilateral trade and investment ties and enhancing economic cooperation in priority sectors.

Bilateral trade between India and Brazil has shown consistent growth, reaching $15.07 billion in 2025–26.

Both sides reviewed progress on the India–MERCOSUR Terms of Reference. The India–MERCOSUR Preferential Trade Agreement offers considerable scope for expansion and modernisation.

With India-MERCOSUR bilateral trade reaching $20.84 billion in 2025, both sides committed to early finalisation of the Terms of Reference.

According to the statement, significant progress was also made in facilitating market access for Indian pharmaceutical products. India emphasised the need for supporting more predictable regulatory pathways and facilitating greater market access.

On agriculture, the discussions advanced work on priority phytosanitary requests on key products of interest, while laying out a clear agenda to take forward the technical processes towards reciprocal market access concessions in a time-bound manner.

Both sides reaffirmed close coordination on multilateral issues, including under BRICS, the G20 and the WTO, in support of an open, inclusive and development-oriented multilateral system.

An India-Brazil high-level business reception was also organised with participation from leading business representatives and industry stakeholders from both countries.

Commerce Secretary led the Indian business delegation comprising over 25 Indian businesses, including representatives from Kirloskar Group, UPL and Aditya Birla Group, among others.

Both sides also welcomed the establishment of ApexBrasil office in New Delhi which will strengthen business-to-business linkages and greater flow of Brazilian investment in India.

The meeting, building on the strong political momentum led by Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula Da Silva, reflected on the strong institutional framework underpinning the India-Brazil Strategic Partnership.