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With Prez Bolsonaro's visit, here's a look at how India-Brazil relations flourished in last decade

Last Updated 24 January 2020, 05:07 IST

Brazilian President Jair Messias Bolsonaro will arrive in India on Friday for a four-day visit. Bolsonaro, the chief guest on Republic Day, will explore ways to boost trade ties with India as both the large economies are currently hit by slowdowns.

India and Brazil share nearly a decade-long bilateral strategic partnership based on a common global vision, shared democratic values, and a commitment to foster economic growth with social inclusion for the welfare of the people of both countries.

The bilateral trade with Brazil, which is one of the most important trading partners of India in the entire Latin America and Caribbean region, has increased substantially in the last two decades. In the last decade, the bilateral trade reached a peak of $11.4 billion in 2014 making India its eighth-largest trading partner.

Due to the economic recession of Brazil started in 2015, and the global drop in commodity prices affected Brazil’s overall global trade. Consequently, the negative impact was felt in the bilateral trade with India as it came down to $7.9 billion in 2015. However, with the recovery in the Brazilian economy in 2017, the bilateral trade rose back to $7.6 billion, with a handsome 34.71% growth.

The main items of export from India to Brazil are diesel, organic chemicals and pharmaceutical products, man-made filaments, nuclear reactors, boilers, machinery and mechanical appliances, and textile products. Main items of Brazilian exports to India are petroleum products, mainly crude oil, cane sugar, copper ore, soya oil and gold.

The two countries share close and multifaceted relationship even at plurilateral fora such as BRICS, BASIC, G-20, G-4, IBSA, International Solar Alliance, Biofuture Platform and in the larger multilateral bodies such as the United Nations, WTO, UNESCO and WIPO.

Over the period, regular high-level bilateral visits have provided a sustained impetus to the growing relationship between India and Brazil. In July 2014, Prime Minister Narendra Modi visited Brazil. Two years later, the then President Michel Temer paid a visit to India.

In terms of investment, Brazilian companies have invested in automobiles, IT, mining, energy, biofuels, footwear sectors in India, while the Indian companies have invested in sectors such as IT, pharmaceutical, energy, agri-business, mining, engineering and automobiles.

In Brazil, there is an enormous interest in India’s culture, religion, performing arts and philosophy. The country has a strong community of Yoga and Ayurveda practitioners.
Bolsonaro's visit is likely to further strengthen the ties between the two countries.

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(Published 23 January 2020, 12:03 IST)

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