India and Brazil are among the largest nations in the developing world. It is nice to see that these two countries are now trying to increase the amount of bilateral trade. Well, it seems that they have seen some decent amount of success in this regard. I am quoting from a report of Times of India:
“Manmohan Singh said bilateral trade between India and Brazil had grown five-fold from a mere $500 million in 2002 to $2.5 billion now and added that the proposed preferential trade pact with a Latin American grouping would help in pushing the trade ties further.
The prime minister said investments by Indian firms in Brazil were also seeing an upswing. "Major Indian companies such as Tata Consultancy Services, Ranbaxy, and Dr. Reddy´s have taken advantage of opportunities in the Brazilian market."
He said the areas that offered considerable scope for enhancing bilateral trade and investment ties included agricultural, food processing, pharmaceuticals, information technology and biotechnology.”
Wow, from $500 million to 2.5 billion! And this increase happened in just 4 years. This shows that considerable progress has been made in the advancement of bilateral trade between these two countries.
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