India and Brazil Set High Trade Objectives to Reduce Dependence on Crude Oil Imports

India and Brazil have established an ambitious ambition to quadruple their commerce to $30 billion during the next four years, which represents a big step toward strengthening International trade connections. Sunil Barthwal, the secretary of commerce, verified this development and expressed India’s excitement about extending its partnership with Brazil.

By 2030, the two countries want to have $50 billion more in commerce than they do now ($15,2 billion), a significant rise. With trade predicted to increase in the following three to four years, Barthwal highlighted that this objective could be achieved by urgent action.

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Lowering Reliance on Imports of Crude Oil

Both nations are emphasizing biofuels and renewable energy to address worries about dependence on crude oil. India is particularly interested in Brazil’s cutting-edge ethanol blending technologies since they have the potential to drastically lessen India’s dependency on crude oil imports. Diversifying energy sources has taken on greater importance for India as the price of crude has risen to $89.48 per barrel globally.

“We believe that the future of biofuels is incredibly bright. Brazil’s proficiency in ethanol blending perfectly complements India’s goals to lessen reliance on conventional fuels, according to Barthwal at a trade briefing.

Strengthening Agreements and Extending Tariff Lines

Expanding tariff lines under the Mercosur Accord, a trading group made up of Argentina, Brazil, Paraguay, and Uruguay, was another topic of discussion. Both countries voiced a desire for the agreement to be expanded to cover all tariff lines, allowing for a larger trade of goods and services.

Indian Prime Minister Narendra Modi and Brazilian President Lula da Silva pledged to work together on expanding the India-Mercosur Preferential Trade Agreement after the last G20 leaders’ meeting, marking a crucial development in their economic alliance.

Increasing Tourism and Supporting Small Businesses

In addition to commerce, India and Brazil are determined to support Micro, Small, and Medium-Sized Enterprises (MSMEs) through expanding access to vital data for the industry. In order to benefit from their rich cultural legacy and natural charms, both countries are also looking into prospects for sectoral cooperation in the travel and tourism industry.

India and Brazil’s collaborative efforts to diversify trade routes and lessen their reliance on oil imports, as the world keenly observes this developing alliance, serve as a monument to their dedication to economic advancement and sustainable energy solutions.

The tale is still in progress. Follow this promising partnership between India and Brazil for more updates.

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