At the eighth meeting of the India-Brazil Trade Monitoring Mechanism in Brasilia, Brazil, progress was made in facilitating market access for Indian pharmaceutical products, according to a statement issued by the commerce and industry ministry. “India emphasised the need for supporting more predictable regulatory pathways and facilitating greater market access,” it said. India and Brazil also agreed to an early finalisation of the terms of reference for negotiations to expand the scope of the existing trade pact between India and the South American bloc Mercosur.
Mercosur comprises Brazil, Argentina, Uruguay and Paraguay. The India-Mercosur Preferential Trade Agreement came into effect on June 1, 2009.
“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,” the ministry said.
Bilateral trade between India and Brazil touched $15.07 billion in 2025-26. The two countries aim to take trade to $30 billion by 2030.