Analysts say the push – announced during Brazilian Vice-President Geraldo Alckmin’s visit to New Delhi last week – is not just about shielding their economies from punitive US tariffs, but also about asserting influence on multilateral issues ranging from energy security to global climate policy.
During the visit, the two countries agreed to raise bilateral trade to US$20 billion by 2030 – up from US$12 billion last year – and expand cooperation in sectors spanning automobiles, IT, clean energy and agriculture.
The move comes as both countries seek to diversify trade partners after Washington imposed import tariffs of about 50 per cent, among the steepest on any nation in recent years.
Speaking at the “India–Brazil Business Dialogue” on Thursday, jointly organised by India’s leading industry bodies and Brazil’s trade promotion agencies, Alckmin described India as a priority partner.
Indian Commerce Minister Piyush Goyal echoed the sentiment, saying both countries enjoyed a long-standing and trusted relationship built on “shared values and complementary strengths”.
