“Both sides have agreed to set a target of $15 billion in bilateral trade by 2022, due to the complementarities between the two economies,” said Indian Foreign Ministry spokesman Raveesh Kumar. Bilateral trade reached $8.2 billion in 2018/2019, including $3.8 billion in Indian exports to Brazil and $4.4 million as Indian imports. “India is working to expand its ZEP with MERCOSUR. We will discuss this with our Brazilian counterparts,” Vijay Thakur Singh, secretary of the MEA (East), said at a press conference on Thursday. Full multilateral agreements (not listed below) see: List of multilateral free trade agreements. EFTA [17] has bilateral agreements with the following countries – including dependent territories – and the blocs: the list of negotiations. Agreements that have so far been discussed only in the absence of formal action by the parties concerned are not mentioned. The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded free trade agreements, see below. List of agreements between two states, two blocs or one bloc and one state. A separate pact to promote cooperation in the energy sector – oil and gas – has been signed, another in the field of bioenergy.

India`s relations with Brazil, the largest country in South America, have soared in recent years. The country has a population of 210 million with 1.800 billion dollars of economy. An interactive list of bilateral and multilateral free trade instruments can be find on the TREND Analytics website. [59] “The two heads of state and government stressed that the World Trade Organization is an essential element in supporting growth in developing countries. Recognising the complementarity of trade and investment, they also agreed that established bilateral mechanisms could be used appropriately to promote closer cooperation,” the joint statement said. The two sides also agreed on cooperation in the field of livestock. “Modi and Bolsonaro both agreed that the two countries could cooperate in ethanol production. Since Brazil is a leader in this field, they would share with India a state-of-the-art technology in this sector.

Prime Minister Modi said this would serve India`s development goals,” Kumar said. During the visit of Brazilian President Jair Bolsonaro, India and Brazil will discuss, as part of the visit of Brazilian President Jair Bolsonaro, a possible extension of the preferential agreement between India and MERCOSUR and a series of cooperation pacts in the field of oil and gas, including biofuels, science and technology, space and agriculture, as well as food processing, during the visit of Brazilian President Jairson Bolsonaro at the end of the week, as stated by the Ministry of Foreign Affairs.