India, Brazil set target of USD 15 billion in bilateral trade by 2022

India and Brazil on Saturday set a target of USD 15 billion in bilateral trade by 2022 and reiterated their interest in the expansion of India-MERCOSUR Preferential Trade Agreement towards a more comprehensive and encompassing agreement.

The discussion in this regard was held between Prime Minister Narendra Modi and Brazilian President Jair Bolsonaro during the latter's ongoing visit to India.

The two sides acknowledged the importance of bilateral cooperation in the bioenergy sector in achieving the economic, energy and environmental goals of India and Brazil.

To that effect, they noted the great potential for increased ethanol production and uptake in India's fuel mix and looked forward to further collaboration between the two countries in this matter, including through the "Sustainable Mobility: Ethanol Talks" conference to be held in Delhi in February 2020, the Ministry of External Affairs said in a statement.

Recognizing the importance of renewable energy in their energy mix and its contribution to sustainable development and energy security, both countries agreed to promote reciprocal investments in order to meet their respective renewable energy targets and conveyed their commitment to strengthen the International Solar Alliance and the Biofuture Platform.

Prime Minister Modi called upon the Brazilian industry to explore business opportunities in India in the infrastructure, food processing, biofuels and other renewable energy sources, animal husbandry and agro sectors, while Bolsonaro also called upon Indian industry to identify business opportunities, including in Brazil's automotive, leather, oil and gas, oil refining, pharmaceutical, electricity and chemicals sectors.

Recognizing that biofuels can play a strategic role in reducing dependence on fossil fuels and diversifying our energy mix, and the importance of promoting renewable energies in energy security and efficiency, the leaders welcomed the signing of the MoU on Bioenergy Cooperation and the MoU on Cooperation in the field of oil and natural gas

It was agreed that both sides will encourage their companies to explore ways for promoting investments and cooperation in the upstream, midstream and downstream areas, through technical cooperation, sharing of experience and technical know-how, technology transfer, including through applied research and joint development activities, in oil and gas projects in India, Brazil and also in joint projects in third countries.