India and Brazil have decided to boost ties in sectors like infrastructure, trade and investment and mining besides exploring opportunities in nuclear energy sphere. At the seventh India-Brazil Joint Commission Meeting (JCM), co-chaired by External Affairs Minister Sushma Swaraj and her Brazilian counterpart Mauro Vieira, both sides resolved to exploit the “full potential” of the strategic partnership, with a particular focus on ramping up trade ties.

India and Brazil, both having huge markets, are part of a number of important bloc including BRICS (Brazil Russia, India, China and South Africa) and IBSA (India, Brazil, South Africa) and they work closely in various multilateral forums. On nuclear energy sector, both sides, in pursuance of recent discussions between Prime Minister Narendra Modi and President Dilma Rousseff, agreed to further explore mutually beneficial cooperation.

On trade relations, the Ministers expressed satisfaction at the enhanced bilateral trade turnover of USD 11.42 billion in 2014. At the same time, they acknowledged that there is tremendous potential for further growth and diversification of trade including in sectors like infrastructure, trade and investment and mining among others.  A significant number of Indian companies have invested in Brazil with over 50 of them having involved in sectors areas such as oil, renewable energy, mining, automotive services and pharmaceuticals.

The two sides deliberated on the need to reform the UN Security Council and the IMF and ways to deal with challenges of terrorism, climate change, besides issues related to WTO and the Doha Development Agenda.

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