With an aim to boost exports of pharmaceutical goods, the commerce ministry said that India has urged Brazil to provide a more predictable regulatory environment and facilitate greater market access for Indian pharmaceutical products. The issue was discussed at the eighth meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held in Brasilia, which was attended by Commerce Secretary Rajesh Agarwal.
The ministry stated that India can contribute to the availability of affordable, quality medicines and strengthen efforts towards more accessible healthcare. It said the two countries also agreed for early finalisation of terms of reference (ToR) for starting negotiations to expand the scope of the existing trade pact between New Delhi and the South American bloc Mercosur.
Mercosur is a trade bloc in Latin America comprising Brazil, Argentina, Uruguay, and Paraguay. The India-Mercosur Preferential Trade Agreement (PTA), which came into effect on June 1, 2009, currently provides limited tariff concessions covering 450 products. Both sides are looking at expanding the scope of this pact to a full-fledged agreement.
The India-Mercosur Preferential Trade Agreement offers considerable scope for expansion and modernisation. Bilateral trade between India and the Mercosur bloc reached $20.84 billion in 2025. Bilateral trade between India and Brazil stood at $15.07 billion in 2025-26, with the two countries have set a target of raising bilateral trade to $30 billion by 2030.
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