(MENAFN- KNN India) New Delhi, Oct 17 (KNN) India and Brazil on Wednesday reaffirmed their commitment to strengthening economic and strategic cooperation, with both sides agreeing to deepen the existing India–MERCOSUR Preferential Trade Agreement (PTA) to enhance trade and investment flows.

Addressing the India–Brazil Business Dialogue in New Delhi, Commerce and Industry Minister Piyush Goyal underscored India's strong economic performance and expanding global partnerships.

Goyal noted the complementary agricultural strengths of India and Brazil, expressing optimism for greater cooperation in agri-business and food processing.

The Minister also lauded Brazil's inclusion of yoga and Ayurveda in its healthcare system, emphasising the potential for collaboration in traditional wellness and cultural exchange.

Following the dialogue, both sides issued a joint statement affirming their intent to substantially expand the India–MERCOSUR PTA, initially signed in 2004.

They agreed that the expanded pact would encompass both tariff and non-tariff areas to enhance trade and economic cooperation, while ensuring active participation from the private sector and other stakeholders.

The two sides will also initiate a technical dialogue and convene a meeting of the Joint Administration Committee at the earliest to define the scope of expansion. Additionally, they committed to concluding the negotiations within one year of their commencement.

The Brazilian side also conveyed its intention to work in close coordination with its MERCOSUR partners to ensure a 'substantial, swift, and mutually beneficial' deepening of the agreement.

(KNN Bureau)

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