India to build stronger trade, economic ties with Brazil: Anand Sharma

Last Updated: Tue, Mar 08, 2011 15:00 hrs

Union Commerce Minister Anand Sharma today said that India is desirous to build stronger trade and economic ties with Brazil.

During his meeting with Antonio Patriota, Minister of External Relations, Brazil, here, Sharma said: "Economic complementarities between the two countries would cement the trade and economic relations further and help in the inclusive growth of both the countries."

During the interaction, Sharma also expressed satisfaction on increasing bilateral trade to 7.73 billion dollars in 2010 between the two countries.

He said that both the countries could make sincere efforts to achieve the target of having bilateral trade of 10 billion dollars over the next few years.

Sharma also highlighted about the vast potential for cooperation between the two countries including SMEs, IT, science and technology, engineering, energy, infrastructure and nuclear power.

Sharma also raised the issue of imposition of anti-dumping duties on Indian products such as: PET Films (Polyethylene Terephthalate), Jute yarn, Jute Bags Nitrile Rubber (NBR) and stainless steel.

He further informed that at present no antidumping duty has been imposed by India on import of any items from Brazil.

Sharma also mentioned that there is a proposal for organizing "India Show" in Sao Paulo in March, 2011.

"The proposed occasion will serve an ideal platform for a number of Indian and Latin American entrepreneurs / companies to explore and discuss business opportunities and tie- ups in trade and investment," he added.

Both sides agreed for setting up of CEOs Forum and identified the priority sectors including energy, oil, tourism, pharma, value-added manufacturing, mining and agro-processing.

India's main exports to Brazil are equipments related to wind energy, coke of coal, lignite, naphtha, cotton and polyester yarns, medicines and chemicals, vaccines for human medicines and aviation fuel.

India's main imports from Brazil are crude oil, copper sulphates, soya oil, asbestos, valves, motor pumps, airplanes, wheat, precious and semi-precious stones. (ANI)