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The Commerce and Industry Minister, Mr Anand Sharma, said on Tuesday that the India-Brazil bilateral trade would increase to $10 billion in the next few years from $7.73 billion in 2010.
He said in a statement after his meeting with Mr Antonio Patriota, Minister of External Relations, Brazil, here.
Priority sectors
Meanwhile, both countries agreed to set up a CEOs Forum and identified the priority sectors – energy, oil, tourism, pharma, value-added manufacturing, mining and agro-processing. Mr Sharma expressed satisfaction regarding the signing of an Air Service Agreement between India and Brazil.
He said there is vast potential for cooperation between the two countries in SMEs, IT, science and technology, engineering, energy, infrastructure and nuclear power.
In the bilateral meeting, Mr Sharma raised the issue of Brazil's 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 pointed out that currently, no anti-dumping duty has been imposed by India on import of any items from Brazil. Mr Sharma also raised the issue of flexibility in business visas.
Mr Sharma also highlighted 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.
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