India, Brazil to shape global economy: Lula | business | Hindustan Times
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India, Brazil to shape global economy: Lula

The Brazilian President says the new world economic order cannot be negotiated without taking on board two of the most important developing nations.

business Updated: Jun 05, 2007 17:41 IST

As India and Brazil set out an ambitious bilateral trade target of $10 billion by 2010, Brazilian President Luiz Inacio Lula da Silva on Tuesday said the new world economic order cannot be negotiated without taking on board two of the most important developing nations.

"Big countries have to sit and bargain with us... We do not need lessons, we can teach them (developed countries)," Lula, who is on a visit to India, said at a joint luncheon meeting hosted by apex business chambers.

The Brazilian President, who earlier called on Prime Minister Manmohan Singh, told industry leaders that the two countries had decided to step up trade from the present $2.4 billion to $10 billion by 2010.

He said Brazil can transfer bio-fuel technology to India, besides help improve the South Asian country's farm productivity.

Brazil is the largest producer of ethanol at 16 billion litres a year and India, which imports more than 70 per cent of its oil requirements, has launched a programme to blend ethanol with petrol to reduce import dependence.

Lula said India can contribute in the pharmaceutical sector, and that both countries can cooperate in the engineering sector.

One of the key initiatives by Prime Minister Manmohan Singh and President Lula was the launch of the CEOs' Forum from the two countries.

"We have launched the CEOs' Forum to stimulate trade and investment. To achieve the target, we must diversify trade which is restricted to less value added products," he said.