India, Brazil trade target fixed at $10bn by 2010: Nath
Asian Age, India
India, Brazil trade target fixed at $10bn by 2010: Nath
By Our Correspondent
4 June 2007
New Delhi, June 4: Union minister of commerce and industry Kamal Nath said on Monday that Brazil and India have set a target of bilateral trade of $ 10 billion by 2010.
Brazil has emerged as India’s largest trading partner in Latin America with trade crossing the record $ 2 billion mark in 2006, said Mr Nath in his address at the inaugural session of the Business Seminar on India and Brazil.
Two-way trade has registered a quantum increase - from a meagre $ 488 million in 2000 to $ 2.4 billion in 2006.
Referring to the partnership between India and MERCOSUR, of which Brazil is a part, Mr Nath said that following the conclusion of a PTA in March 2005, "India and MERCOSUR have agreed to give tariff concessions, ranging from 10 per cent to 100 per cent to the other side on 450 and 452 tariff lines respectively."
The PTA will come into force as soon as ratified by the legislatures of Brazil and Argentina. "Meanwhile the process of expansion of the coverage of the PTA has also been initiated in persuasion of the IBSA Declaration made by the heads of India, Brazil and South Africa on September 2006. I hope, the operationalisation of PTA will help achieving the target of 10 billion two-way trade in years to come," he said.
A trilateral arrangement between India, MERCOSUR and SACU (South Africa Customs Union) is also on the way to widen the scope of South -South Cooperation, he added.
"Indian investments in Brazil have also increased in recent years, particularly in the field of information technology, biotechnology and pharmaceuticals. Indian companies such as Tata Consultancy Services, Ranbaxy and Dr. Reddy’s Laboratories, Strides among others have made a mark in the Brazilian market. Many others including other Tata group companies are exploring the opportunities for investment in Brazil", he said.
