India, Brazil ink 15 pacts to broadbase ties further

India and Brazil signed 15 agreements to boost cooperation in a wide range of areas like trade and investment, oil and gas, cybersecurity and information technology. Calling Brazil a valuable partner in India's economic growth, Prime Minister Modi said that both the countries are together on various global issues despite geographical distance.

New Delhi: India and Brazil on Saturday inked 15 agreements to boost cooperation in a wide range of areas like trade and investment, oil and gas, cybersecurity and information technology after talks between Brazilian President Jair Messias Bolsonaro and Prime Minister Narendra Modi.

India and Brazil signed 15 agreements to boost cooperation further

Modi said that an action plan has been finalised to further expand strategic ties between the two strategic partners.

"Your visit to India has opened a new chapter in bilateral ties between India and Brazil," Modi said in his media statement in presence of Bolsonaro.

Calling Brazil a valuable partner in India's economic growth, the Prime Minister also said that both the countries are together on various global issues despite geographical distance.

On his part, Bolsonaro said that the two countries have further consolidated already strong ties by signing 15 agreements providing for cooperation in a range of areas.

Bolsonaro arrived here on Friday, accompanied by his daughter Laura Bolsonaro, daughter-in-law Leticia Firmo, eight ministers, four members of the Brazilian parliament and a large business delegation.

Read:Jaishankar calls on Brazilian President Bolsonaro​​​​​​​

The Brazilian president will grace the Republic Day Parade as chief guest on Sunday.

India's ties with Brazil, the largest country in Latin America, have been on an upswing in the last few years. The country has a population of 210 million with USD 1.8 trillion economy.

The volume of bilateral trade was USD 8.2 billion in 2018-19. This included USD 3.8 billion worth of Indian exports to Brazil and USD 4.4 million as imports by India.

Both the governments feel there is huge potential to enhance the bilateral trade further.

Major Indian exports to Brazil include agrochemicals, synthetic yarns, auto components and parts, pharmaceutical and petroleum products.

Brazilian exports to India include crude oil, gold, vegetable oil, sugar and bulk mineral and ores.

Indian investments in Brazil were around USD 6 billion and Brazilian investments in India are estimated at USD 1 billion in 2018.

Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel sectors. India has invested in Brazil's IT, pharmaceutical, energy, agri-business, mining and engineering sectors.