S Jaishankar meets Brazilian president Jair Messias Bolsonaro in Delhi, discusses ways to deepen ties between India, Brazil in trade and investment

Later in the day, Bolsonaro and Narendra Modi will hold extensive talks following which the two countries are expected to ink 15 agreements

Press Trust of India January 25, 2020 12:23:08 IST
S Jaishankar meets Brazilian president Jair Messias Bolsonaro in Delhi, discusses ways to deepen ties between India, Brazil in trade and investment
  • S Jaishankar on Saturday met Brazilian president Jair Messias Bolsonaro and discussed ways to deepen ties between the two countries

  • Later in the day, Bolsonaro and Narendra Modi will hold extensive talks following which the two countries are expected to ink 15 agreements

  • Bolsonaro arrived in Delhi on Friday, accompanied by daughter, daughter-in-law, eight ministers, four members of Brazilian parliament and a large business delegation

New Delhi: External Affairs Minister S Jaishankar on Saturday met Brazilian president Jair Messias Bolsonaro and discussed ways to deepen ties between the two countries in a range of areas, including trade and investment.

S Jaishankar meets Brazilian president Jair Messias Bolsonaro in Delhi discusses ways to deepen ties between India Brazil in trade and investment

Brazilian president Jair Messias Bolsonaro meets external affairs minister S Jaishankar. ANI

Later in the day, Bolsonaro and Prime Minister Narendra Modi will hold extensive talks following which the two countries are expected to ink 15 agreements to boost cooperation in a wide range of areas like oil and gas, mining and cyber security.

After the meeting, Jaishankar said in a tweet that Bolsonaro's visit will open "new opportunities" for bilateral cooperation. "Pleased to welcome the Chief Guest for Republic Day 2020 President Jair Messias Bolsonaro of Brazil. His visit will open new opportunities for our bilateral cooperation. It also symbolizes the global rebalancing underway," he said.

Bolsonaro arrived in Delhi on Friday, accompanied by his daughter Laura Bolsonaro, daughter-in-law Leticia Firmo, eight ministers, four members of the Brazilian parliament and a large business delegation.

Bolsonaro and Jaishankar deliberated on ways to deepen overall bilateral cooperation including in areas like trade and investment, officials said. The Brazilian president is in India primarily to grace the Republic Day celebrations on Sunday as chief guest and explore ways to boost trade ties with India at a time when both the large economies are hit by slowdowns.

India's ties with Brazil, the largest country in Latin America, has been on an upswing in the last few years. The country has a population of 210 million with USD 1.8 trillion economy. This is the first visit of Bolsonaro to India.

Bolsonaro, a former army captain, won a landslide victory in Brazil's presidential election in October 2018 and took the reins of the country in January last year. India-Brazil ties have been on an upswing in the last few years.

The volume of bilateral trade was USD 8.2 billion in 2018-19. This included USD 3.8 billion worth of Indian exports to Brazil and USD 4.4 million as imports by India. Both the governments feel there is huge potential to enhance the bilateral trade further.

Major Indian exports to Brazil include agro-chemicals, synthetic yarns, auto components, and parts, pharmaceutical, and petroleum products. Brazilian exports to India include crude oil, gold, vegetable oil, sugar, and bulk mineral and ores.

Indian investments in Brazil were around USD 6 billion and Brazilian investments in India are estimated at USD 1 billion in 2018. Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel sectors. India has invested in Brazil's IT, pharmaceutical, energy, agri-business, mining, and engineering sectors.

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