Over fifty Indian firms active in Brazil in oil, mining, IT, and pharma

This document records the agreed minutes of the Sixth Meeting of the Brazil-India Joint Commission, held in Brasilia in October 2013, where the two countries reaffirmed their strategic partnership and reviewed progress in political, economic, and cultural cooperation.

Who it concerns: The agreement involves the Federative Republic of Brazil and the Republic of India. It concerns the Ministries of External Relations (Brazil) and External Affairs (India), the Ministry of Commerce and Industry (India), the Ministry of Development, Industry and Foreign Trade (Brazil), and sectors including trade, energy, mining, information technology, pharmaceuticals, automotive, and customs.

What was agreed

• Reaffirmed commitment to achieve US$ 15 billion in bilateral trade by 2015.
• Welcomed the signature of a protocol amending Article 26 of the Brazil-India Double Taxation Avoidance Agreement regarding exchange of information.
• Expected exchange of notes on the ratification of the Agreement on Mutual Assistance on Customs Matters.
• Welcomed the signature of the Agreement on the Transfer of Sentenced Persons.
• Renewed the Agreement on Cooperation between diplomatic academies (Foreign Service Institute and Instituto Rio Branco).
• India offered Brazil the status of Partner Country for the India International Trade Fair (IITF 2014) in Delhi.
• Brazil committed to hosting the next BRICS Summit in 2014.
• Both sides supported the reform of the UN Security Council and IMF governance.

Also in the document

• The text notes that over fifty Indian companies have a physical presence in Brazil in sectors such as oil, renewable energy, mining, and IT.
• Brazil acknowledged the contribution of Indian IT and Pharmaceutical companies to the Brazilian knowledge economy.
• The document highlights the resumption of discussions for deepening the Preferential Trade Agreement between India and Mercosur.