Marcio, currently on a visit to India for the BRICS Trade and Industry Ministers meeting ahead of the September Summit, told ET that India and Brazil must join hands to defend multilateralism against tariffs.
While focusing on dialogue and diplomacy to address the issue of unilateral tariffs imposed by the USA, it is necessary to defend multilateralism and WTO, Marcio said, while recalling that US enjoyed a trade surplus vis a vis Brazil.
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However, Marcio was quick to add that Brazil is keen to diversify its export destinations and India is among the priorities. Widening Brazilian companies’ access to the Indian market is a priority of President Lula, the Minister pointed out.
It is understood that as part of its strategy to counter US tariffs, Brazil is expanding export markets in Asia and among BRICS states with India as a priority.
The visiting Minister also informed that Brazil is keen to invite indian capital into Brazilian projects in strategic areas such as energy, infrastructure and new projects. Energy and infrastructure are the areas where Brazil has a pipeline of projects and is seeking finance.Also Read: India, Brazil agree to cooperate on digital labour platforms, skills, social protection: Union minister Shobha Karandlaje
The Minister also met Brazilian companies here including aerospace giant Embraer which is entering India’s civilian as well as defence sectors through its flagship projects.
Brazil is also seeking cooperation with India to secure fertilisers, the Minister mentioned. Brazil is seeking cooperation on supply, logistics and green ammonia for its agriculture sector which sits at the heart of Brazil’s exports.