Trade Agreements Between India And Brazil
(iii) agreement between the Central Agency for Drug Control (CDSCO) and the Brazilian Health Surveillance Agency (ANVISA) for cooperation in the area of drug production legislation. Indian Message Twitter page: www.twitter.com/indianobrasil India Brazil Chamber of Commerce: www.indiabrazilchamber.org/ On February 20, 2019, the Embassy organized a public promotional event to showcase business and investment opportunities, different cultures from Nagaland and the National Territory of Delhi Capitals. The 550th anniversary of guru Nanak Dev ji was celebrated on 17 and 22 November 2019 in Sao Paulo and Brasilia. Constitution Day and the Campaign for The Duties of Citizens were celebrated on 26 November 2019 in Brasilia and Sao Paulo. World Hindi Day was celebrated on 17 January 2020 in Brasilia. Regular Hindi classes are also held at the embassy to teach Hindi to Brazilians. Defence: India and Brazil signed a defence cooperation agreement in 2003. The agreement calls for cooperation in defence, including research and development, acquisition and logistical support, military training and exercises between the two countries. On December 14, 2007, the Defence Wing was established at the Indian Embassy and Brazil opened its defensive wing at the Brazilian Embassy, New Delhi, on April 14, 2009. The meetings of the Joint Defence Committee (JDC) are organised as an institutionalised mechanism for cooperation in the field of defence.
To date, six JDC meetings have been held between the two parties. The 6th JDC meeting was held in Brasilia in February 2019. During President Bolsonaro`s state visit to India (24-27 January 2020), Prime Minister Modi and President Bolsonaro reaffirmed the importance of large-scale bilateral defence cooperation in strengthening strategic partnership. On 27 January 2020, an event dedicated to the defence industry was held in New Delhi. During the president`s visit, Brazilian arms company Taurus Armas SA signed a joint venture with Jindal Defence (part of the O P Jindal Group) to manufacture and sell small arms in India. With an initial investment of $5 million in a project under development, the agreement proposes the construction of a plant in Hisar (Haryana). The joint venture holds a stake in Jindal Defence and Taurus Armas S.A. in the capital ratio of 51:49. A high-level delegation from Brazil`s defence industry will participate in DEFEXPO, scheduled for February 5-8, 2020 in Lucknow, India. Struck by the slowdown in economic activity, India and Brazil on Saturday drew up an ambitious plan to strengthen their stuttering economies by strengthening cooperation in key sectors such as oil, gas and mining, while setting a target of $15 billion in bilateral trade by 2022. The decisions were taken as part of extensive talks between Prime Minister Narendra Modi and Brazilian President Jair Messias Bolsonaro.
Trade relations: Brazil is one of India`s main trading partners throughout the Lake region (Latin America and the Caribbean). Bilateral trade between India and Brazil has increased considerably over the past two decades. However, the decline in world commodity prices and the economic recession in Brazil, which began in 2015, have had an impact on Brazil`s overall trade. As a result, the negative effects were also felt in bilateral trade, which amounted to $7.9 billion in 2015 and 2016, or $5.64 billion. In 2019, bilateral trade amounted to $7.02 billion. Indian exports to Brazil and imports from Brazil totaled $4.257 billion and $2.763 billion, respectively, with India having a trade surplus of $1.494 billion. In 2019, India was Brazil`s largest source of imports and the 18th largest export destination.