FIEO sees PM Modi's Brazil visit as a booster shot for bilateral trade

New Delhi, July 9 (IANS) The Federation of Indian Export Organisations (FIEO) on Wednesday said it sees Prime Minister Narendra Modi’s state visit to Brazil as a pivotal moment in strengthening the India–Brazil partnership in trade, commerce and strategic collaboration.

FIEO president SC Ralhan said that both leaders reaffirmed their commitment to deepen economic ties and tap into the vast, untapped potential of bilateral trade and investment.

Emphasis was placed on diversifying and expanding the trade basket, with a focus on key complementary sectors including agriculture and agri-tech, biofuels, renewable energy, oil and gas, information technology, pharmaceuticals, space, and defence manufacturing.

He highlighted the decision to establish an India-Brazil Ministerial-Level Mechanism on Trade, Commerce, and Investment Cooperation, which will serve as a strategic platform to regularly monitor progress, accelerate initiatives, and resolve trade issues proactively. This mechanism will facilitate stronger business-to-business engagement, institutional partnerships, and alignment of trade policies between the two countries.

"FIEO sees this development as a timely and necessary step towards enhancing transparency, coordination, and predictability in trade relations, and addressing the challenges faced by Indian exporters and investors in the Latin American region," he noted.

Ralhan emphasised that the Prime Minister’s visit reflects India’s strategic intent to expand economic engagement with Latin America. Brazil, with its robust economy and growing consumer base, is a vital partner for Indian exporters across sectors — from automobiles and chemicals to electronics and agricultural machinery. The creation of a ministerial mechanism inspires confidence that policy and operational challenges will now receive focused attention.

India and Brazil — two leading economies of the Global South and influential BRICS members — share a common vision for inclusive and sustainable development. FIEO urges both governments to collaborate on eliminating non-tariff barriers and creating a more enabling environment for trade.

Encouraging two-way investments, especially in infrastructure, clean energy, fintech, and food processing, alongside greater cooperation in SME and start-up ecosystems, will be essential for boosting bilateral trade.

Trade facilitation measures, such as mutual recognition of standards and enhanced customs cooperation, must also be prioritised to streamline cross-border operations.

FIEO said in a statement that the Indian business community must seize the opportunities arising from this visit and to forge long-term partnerships in Brazil. With its dynamic market, thriving innovation ecosystem, and openness to Indian products and technology, Brazil presents significant potential for expansion.

"FIEO stands ready to work closely with both governments and relevant trade bodies to ensure the successful implementation of this visit’s outcomes, and to support Indian exporters in navigating and growing their footprint in the Brazilian market," the statement added.

--IANS

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