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India-Brazil bilateral trade to touch $10 billion
India and Brazil on Tuesday decided to forge stronger trade and economic ties and decided to work towards achieving a target of $10 billion bilateral trade over the next few years from the $7.73 billion in 2010.
This was agreed at a meeting between the Union Commerce and Industry Minister, Anand Sharma and the visiting External Relations Minister of Brazil, Antonio Patriota here.
Mr. Sharma said India was desirous to forging stronger trade and economic ties with Brazil. The economic complementarities between the two countries would cement the trade and economic relations further and help in the inclusive growth of both the nations, he said. Both sides agreed for setting up of CEOs Forum and identified the priority sectors such as energy, oil, tourism, pharmaceuticals, value-added manufacturing, mining and agro-processing. Both the countries also signed an Air Service Agreement.
Expressing satisfaction over the increasing trade, Mr. Sharma said bilateral trade between the two countries had touched $7.73 billion in 2010 and efforts should be made to achieve the target of $10 billion trade turnover over the next few years.
During the bilateral meeting, Mr. Sharma also raised the issue of imposition of anti-dumping duties on Indian products such as PET Films (Polyethylene Terephthalate), jute yarn, jute bags, Nitrile Rubber (NBR) and stainless steel. He said till now no anti-dumping duty has been imposed by India on import of any items from Brazil.
Mr. Sharma said there is a proposal for organising India Show in Sao Paulo in March 2011. The proposed occasion will serve an ideal platform for a number of Indian and Latin American entrepreneurs and companies to explore and discuss business opportunities and tie- ups in trade and investment, he added.
The total foreign direct investment (FDI) inflows received from Brazil during April 2000 to December 2010 is to the tune of $4.55 million. Main sectors of investment from Brazil are plastic products, manufacture of leather products, allopathic pharmaceutical preparations, data processing, software development and computer consultancy services.
The bilateral Air Service Agreement to increase air connectivity was signed here by Minister of Overseas Indian Affairs and Civil Aviation, Vayalar Ravi and Mr. Patriota. It allows both the countries to designate any number of airlines on reciprocal basis, unlike in the past when only one airline each was allowed.
The Hindu : News / National : India-Brazil bilateral trade to touch $10 billion
India and Brazil on Tuesday decided to forge stronger trade and economic ties and decided to work towards achieving a target of $10 billion bilateral trade over the next few years from the $7.73 billion in 2010.
This was agreed at a meeting between the Union Commerce and Industry Minister, Anand Sharma and the visiting External Relations Minister of Brazil, Antonio Patriota here.
Mr. Sharma said India was desirous to forging stronger trade and economic ties with Brazil. The economic complementarities between the two countries would cement the trade and economic relations further and help in the inclusive growth of both the nations, he said. Both sides agreed for setting up of CEOs Forum and identified the priority sectors such as energy, oil, tourism, pharmaceuticals, value-added manufacturing, mining and agro-processing. Both the countries also signed an Air Service Agreement.
Expressing satisfaction over the increasing trade, Mr. Sharma said bilateral trade between the two countries had touched $7.73 billion in 2010 and efforts should be made to achieve the target of $10 billion trade turnover over the next few years.
During the bilateral meeting, Mr. Sharma also raised the issue of imposition of anti-dumping duties on Indian products such as PET Films (Polyethylene Terephthalate), jute yarn, jute bags, Nitrile Rubber (NBR) and stainless steel. He said till now no anti-dumping duty has been imposed by India on import of any items from Brazil.
Mr. Sharma said there is a proposal for organising India Show in Sao Paulo in March 2011. The proposed occasion will serve an ideal platform for a number of Indian and Latin American entrepreneurs and companies to explore and discuss business opportunities and tie- ups in trade and investment, he added.
The total foreign direct investment (FDI) inflows received from Brazil during April 2000 to December 2010 is to the tune of $4.55 million. Main sectors of investment from Brazil are plastic products, manufacture of leather products, allopathic pharmaceutical preparations, data processing, software development and computer consultancy services.
The bilateral Air Service Agreement to increase air connectivity was signed here by Minister of Overseas Indian Affairs and Civil Aviation, Vayalar Ravi and Mr. Patriota. It allows both the countries to designate any number of airlines on reciprocal basis, unlike in the past when only one airline each was allowed.
The Hindu : News / National : India-Brazil bilateral trade to touch $10 billion
