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HindustanTimes Thu,24 Jul 2014

Brazil targets $10 bn trade with India

Gaurav Choudhury, Hindustan Times  New Delhi, June 04, 2007
First Published: 20:45 IST(4/6/2007) | Last Updated: 03:31 IST(5/6/2007)

Brazil on Monday asked rich nations to open up their markets for a more equitable global trade regime and set a $10 billion bilateral trade target with India by 2010.

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Brazil President Luiz Inacio Lula Da Silva said India and Brazil, both founder members of the G-20 group of nations, had key roles to play in the ongoing negotiations of the World Trade Organisation (WTO).

Lula, on a three-day visit to India accompanied by a 100-strong business delegation, questioned the rationale of the developed countries that did not allow access of goods of developing countries.

Lula's remarks came when WTO members were engaged in hectic negotiations to kick-start the stalled Doha round. The round, launched six years ago, is dubbed the development round and faces a stalemate over agricultural trade.

Lula, who held discussions with Prime Minister Manmohan Singh earlier in the day, said the $10 billion bilateral trade target between India and Brazil by 2010 was possible. A newly constituted Chief Executive Officers' forum headed by Tata group Chairman Ratan Tata set the target that would quadruple from the present $2.4 billion.

Brazil was a front-runner in bio-fuels and produced 16 billion litres of ethanol a year and it hoped to set up a world market for renewable energy with India, the US, the EU and South Africa, Lula said.

"We need to diversify our trade composition," he said. Brazil mainly imports chemicals, medicines and textile products from India and exports soya oil, copper, metal products and sugar. The two countries on Monday signed seven agreements related to various sectors like oil and gas, and economic and scientific research.


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