Weekly Current Affairs

Brazil urges India to broaden MERCOSUR presence [IR]

  • India should expand its commercial and multilateral footprints in South America. Brazilian and Indian officials will hold talks on September 29 in Brasilia to find bilateral trade breakthrough before the Goa BRICS summit of October 15-16.
  • India at present has over 450 tariff lines with MERCOSUR (Southern Common Market), but the diplomat said that bilateral plan is to raise the tariff line to 4000.
  • Both sides have already begun to take several steps to firm up India’s involvement in MERCOSUR that covers apart from Brazil- Paraguay, Uruguay, Argentina and Venezuela.
  • Taking steps for Indian investment in Latin America, EMBRAPA (Brazilian Agriculture Research Corporation) signed an agreement with Indian Council for Agricultural Research (ICAR) for exporting Brazilian lentils to India.
  • Lentil exports from Brazil to India will be a historic first in bilateral ties.
  • Keeping in mind the need of Brazil’s economy which is recovering from a phase of prolonged political turmoil, Brazil’s programme at the Goa BRICS summit will highlight its unique and vast agricultural potential.