(MENAFN- KNN India) New Delhi, Oct 8 (KNN) India and Brazil held the seventh meeting of their Trade Monitoring Mechanism (TMM) in New Delhi, reaffirming efforts to expand economic ties and enhance trade cooperation between the two countries.

Brazil remains India's largest trading partner in the Latin American and Caribbean region, with merchandise trade reaching USD 12.19 billion in FY 2024–25.

During the discussions, the two sides reviewed ongoing trade and investment relations and explored measures to broaden cooperation across multiple sectors, including pharmaceuticals, healthcare, chemicals, MSMEs, and financial services.

Issues related to market access, visa facilitation, and the possible expansion of the India–MERCOSUR Preferential Trade Agreement (PTA) were also discussed.

Both delegations emphasised the importance of strengthening institutional frameworks to promote smoother trade flows and sustainable economic growth.

The dialogue comes at a time when both nations are working to boost bilateral trade to USD 20 billion over the next five years, a target set during Prime Minister Modi's visit to Brazil in July 2025 and his meeting with President Luiz Inácio Lula da Silva.

The outcomes of the meeting are expected to be taken forward during the forthcoming visit of Brazil's Vice President to India, where he will meet with the Minister of Commerce and Industry to review progress and outline the next steps in the partnership.

(KNN Bureau)

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