India, Brazil ink 15 pacts
India and Brazil on 25 January 2020 inked 15 agreements to boost cooperation in a wide range of areas like trade and investment, oil and gas, cyber security and information technology after talks between Brazilian President Jair Messias Bolsonaro and Prime Minister Narendra Modi. Modi said an action plan has been finalised to further expand strategic ties between the two strategic partners.
- India and Brazil on 25 January 2020 concluded an Action Plan to deepen the strategic partnership as Prime Minister Narendra Modi and visiting Brazilian President Jair Messias Bolsonaro outlined efforts to further deepen ties between the two countries.
- The two countries also concluded 15 agreements and a Memorandum of Understanding (MoU) including on investment cooperation and facilitation treaty, mutual legal assistance in criminal matters, bioenergy and cyber security.
- India and Brazil's strategic partnership is dependent on our similar mindset and values. In spite of the distance, we are together on several global forums. Today, we have agreed to take forward our partnership on several issues,Mr. Modi said addressing a joint press conference.
- Bilateral relations were elevated to a Strategic Partnership in 2006 and 2023 will mark 75 years of the establishment of diplomatic relations.
- The other agreements exchanged are cooperation in oil and natural gas; cultural exchange programme; women and child development; investment protection; field of health and medicine; early childhood; traditional systems of medicine and homeopathy; cultural exchange programme between 2020-24; social security; scientific and technological cooperation; geology and mineral resources; animal husbandry and dairying.
- Under the Action Plan concluded, existing mechanisms, as well as the goals of the Action Plan, have been grouped in six major thematic areas: political and strategic coordination; trade and commerce, investments, agriculture, civil aviation and energy mechanisms; science, technology and innovation; space cooperation; environment and technical cooperation; health mechanisms; defence and security; culture and education; consular issues, social security and legal cooperation mechanism.
- The India-Brazil Joint Commission for political, economic, scientific, technological and cultural cooperation will be the main forum for monitoring the implementation of the Action Plan and will convene every two years, the Action Plan states.
- India's ties with Brazil, the largest country in Latin America, have been on an upswing in the last few years. The country has a population of 210 million with USD 1.8 trillion economy.
- Bolsonaro, a former army captain, won a landslide victory in Brazil's presidential election in October 2018 and took the reins of the country in January last year.
- Major Indian exports to Brazil include agro-chemicals, synthetic yarns, auto components and parts, pharmaceutical and petroleum products. Brazilian exports to India include crude oil, gold, vegetable oil, sugar and bulk mineral and ores.
- Indian investments in Brazil were around $6 billion and Brazilian investments in India are estimated at $1 billion in 2018.
- Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel sectors. India has invested in Brazil's IT, pharmaceutical, energy, agri-business, mining and engineering sectors.