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India, Brazil finalise text of bilateral investment pact

Press Trust of India  |  Benaulim (Goa) 

Seeking to scale up their economic engagement, and today finalised text of a bilateral investment deal and decided to expand overall ties even as the two countries sought united global action without "distinction" or "discrimination" to deal with

After holding wide-ranging talks with Brazilian President Michel Temer, Prime Minister Modi said deeply appreciated Brazil's support its actions in combating terror, noting both countries will work for early adoption of the Comprehensive Convention Against International (CCIT) by the UN.

In the talks, Temer supported New Delhi's bid for membership of the Nuclear Suppliers Group and conveyed to Modi that will work with other member countries of the elite bloc to facilitate India's entry into it.

In a statement to the media after the talks, Modi said both countries have finalised the text of the bilateral investment agreement which will provide "much needed momentum" to increased bilateral business and investment linkages.

Modi said he has sought greater market access and investment opportunities for Indian products and companies in and was "thankful" for Temer's "positive consideration".

Temer was here to attend the annual summit of BRICS which took place yesterday. It is his first bilateral visit outside Latin America after assuming charge of the high office in August.

"President Temer and I have reviewed the full range of bilateral cooperation. Noting the potential for much more, we have agreed to scale up our engagement. This is in line with our mutual desire for a reinforced strategic partnership," Modi said in presence of Temer.

On NSG issue, Modi thank Brazil for understanding India's aspiration for membership of the group.

Referring to the threat of terrorism, Modi said "We deeply appreciate Brazil's support for India's actions in combating We agreed that the world must come together to fight this menace without distinction or discrimination."

Talking about Brazil's priority to reviving the domestic economy, Modi said can be a valuable partner in it.

"I welcome Brazilian companies to come and invest in India and to forge long term commercial partnerships," he said.

The two leaders met a group of CEOs of top companies from both countries to explore ways to deepen economic engagement.

"We have also made progress in opening new areas of cooperation during this visit in drug regulation, agricultural research and on cyber security issues.

"President Temer and I also agreed to intensify and strengthen our coordination in important international fora. There is much that is common in our approach and positions. We will work closely at the United Nations, the G-20, G-4, WTO, BRICS, IBSA and other important platforms," Modi said.

(Reopens DEL 50)

Later in a joint statement, the two nations said they have reached a common understanding to further diversify the trade basket.

They expressed satisfaction at the progress made during the 4th Meeting of the Trade Monitoring Mechanism (TMM) in Brazil on 30th September 2016, and with the 3rd Meeting of the Joint Administration Committee of the India-MERCOSUR Preferential Trade Agreement (PTA), held in Brasilia on 29th September 2016, at which parties agreed on modalities and timelines for the expansion of the Agreement in order to allow for greater trade flows and improved market access between the countries.

They also expressed their satisfaction at the conclusion of the negotiations of an India-Brazil Investment Cooperation and Facilitation Treaty, the joint statement said.

The two sides agreed to further explore cooperation in the domain of energy. Brazil's expertise in ethanol was acknowledged.

They identified potential to cooperate on research and development of renewable energies, as well as in the field of second generation biofuels.

The two sides also emphasised the importance of cooperation in the oil and gas sector and agreed to pursue further cooperation in these areas. The Indian side expressed interest in further acquisition of oil and gas assets in Brazil.

India and Brazil underlined their shared commitments to nuclear disarmament and non-proliferation and reaffirmed the right to the peaceful uses of nuclear energy. The Indian side conveyed its aspirations for membership of the Nuclear Suppliers Group (NSG).

The Brazilian side indicated that it would work with India and other participating governments of the NSG in that direction.

The two leaders recognised that terrorism continues to remain a significant threat to peace and stability in the world. They reiterated their strong commitment to combat terrorism in all its forms and manifestations, and stressed that there can be no justification for acts of terror on any grounds whatsoever.

They called for reinvigorating multilateral action on terrorism, including through the finalisation and adoption of the Comprehensive Convention on International Terrorism in the United Nations at the earliest.

First Published: Mon, October 17 2016. 19:42 IST