India-Brazil Set Target Of $15 Billion Bilateral Trade By 2022

The visit of the President of the Federative Republic of Brazil, Jair Bolsonaro, is a sign of the growing importance of the India - Brazil bilateral partnership said Union Minister of Commerce and Industry & Railways, Piyush Goyal, during his address at the inaugural session of the India-Brazil Business Forum held in New Delhi yesterday. He hoped that as Brazil is one of the most important trading partners of India in the entire LAC (Latin America and Caribbean) region trade between the two countries will grow to USD 15 billion by 2022.

The 15 MoUs signed during the visit of the President of Brazil shows the power of democracy, demography, leadership, the talent pool available in India, India's market and the aspirations of one billion Indian citizens for a better life said the Commerce and Industry Minister. The MoUs of cooperation that have been signed during the presidential visit on investments, trade facilitation, social security, agriculture, defence and double taxation makes this the most productive visit by a Brazilian Head of State.

Commerce and Industry Minister hoped that investments will also grow in the sectors of clean energy, startups, railways and creation of value chains between India and Brazil where goods may be semi assembled in one country and finished in another. Piyush Goyal informed that the entire Indian Railway will be fully electrified by 2024 and by 2030 the railway network in India will run completely on clean energy with zero emission.

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