Trade among Brazil, S. Africa & India gets stronger

Trade among Brazil, S. Africa & India gets stronger

According to a statement made by Minister of Development Industry and Foreign Trade of Brazil, the joint ventures between Indian and Brazilian companies will be strengthen and the trade between the two countries will be increased from $1.2 billion to $5 billion by 2005. India and Brazil will show more interest to key sectors like products of pharmaceuticals, textile and fabrics, food and automobiles. Brazilian Minister invited Indian companies to use the Brazilian Free Trade Zone in Brazil-India Business Meet organized by Confederation of India Industry (CII) and Indo Brazilian Chamber of Commerce. Minister also expressed the necessity of Brazilian exports in the meeting. It is reported that exports from Brazil grew by 20% in 2003. Meanwhile, South African officials stated that negotiations to merge India, Brazil and South Africa in a three way trade agreement can begin next year. Moreover, Brazilian officials expressed that a trilateral agreement between India, Brazil and South Africa will offset the trading clout of developed countries in the World Trade Organization (WTO). Brezilian government signed a trade agreement with India this week as part of Mercosur, giving India access to a common market of 220 million consumers. Brazil is the biggest member of Mercosur, a trade bloc that also incorporates Argentine, Paraguay and Uruguay. South Africa and Mercosur are also in the early stages of negotiating a trade deal.