India and Brazil expected to grow to USD 15 billion trade by 2022, says Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Monday expressed hope that trade between India and Brazil will grow to USD 15 billion by 2022, as the latter is one of our most important partners in the entire LAC (Latin America and the Caribbean) region. 

"The visit of the Brazilian President Bolsonaro, is a sign of the growing importance of the India-Brazil bilateral partnership," said Goyal, while addressing the inaugural session of the India-Brazil Business Forum held in Delhi.

"The 15 MoUs signed during the visit of the President of Brazil shows the power of democracy, demography, leadership, the talent pool available in India, India's market and the aspirations of one billion Indian citizens for a better life," the Union Minister added.

Goyal also noted that this was the most productive visit by a Brazilian Head of State, as the MoUs were signed on investments, trade facilitation, social security, agriculture, defence and double taxation.

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Growth in the Railway sector

The Union Minister also looks forward to a growth in investments in the sectors of clean energy, startups, railways and creation of value chains between India and Brazil, so that the goods could be semi-assembled in one country and finished in another.

Goyal, who also holds the Railway Ministry, announced that the entire Indian Railways will be fully electrified by 2024, running completely on clean energy, and with zero-emission by 2030.

He further suggested that India-Brazil Business Leader's Forum should be activated and reconstituted to increase its relevance and make it more contemporary to businesses in the two countries.

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Growth in the wellness sector

Noting that since Brazil has a strong community of yoga and Ayurveda practitioners, Piyush Goyal said that it could benefit India's services in the wellness sector as well.

Brazil has a non-profit association of Ayurveda (ABRA), with offices in nine states and its members all over the country. The third International Conference on Ayurveda was held from March 12 to 15, 2018 in Rio de Janeiro. More than 4,000 delegation participated in the conference, including India.

India and Brazil share a close relationship at the bilateral level as well as plurilateral panels like BRICS, BASIC, G-20, IBSA, International Solar Alliance (ISA) and also at multilateral bodies like UN, UNESCO and WIPO, Goyal said.

Piyush Goyal concluded saying that the decade-old bilateral strategic partnership is based on a common global goal, shared democratic values and a dedication to promoting economic growth for the welfare of the people of both countries.

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(With inputs from ANI)