Nirmala Sitharaman, Commerce and Industry Minister and her Brazilian counterpart Marcos Pereira, Minister of Industry, Foreign Trade and Services held bilateral talks on 13th October, 2016 in New Delhi who is in India to participate in the BRICS summit. The Brazilian Minister thanked Nirmala Sitharaman for holding the meeting and congratulated India on taking over the Presidency of BRICS and wished the forthcoming BRICS Trade Ministers meet at Goa a grand success.Mr. Marcos Pereira expressed pleasure on the Investment Facilitation Treaty being initialled between India and Brazil at Goa while mentioning that it is their first in Asia and he is glad that it is happening with India.Both Ministers recollected that the IV th meeting of the India-Brazil Trade Monitoring Mechanism and the 3rd meeting of Joint Administrative Committee of India-MERCOSUR PTA held in Brazil during 29-30th September, 2016 have been successful and CIM thanked Brazil for its initiative in hosting the meetings graciously.Both Ministers expressed the need to strengthen the India-MERCOSUR PTA and expand the items on offer from both sides to at least 2500 from the current 450 as this would greatly benefit the two way trade and need to have close cooperation between India, Brazil and other MERCOSUR partners so as to ensure that the expansion process does not spill over beyond end of next year.
During the discussions, Mr. Marcos Pereira informed on the reforms being taken by the present Brazilian Government in improving the Business environment, Economic growth and the legislations being embarked upon to bring about labour reforms, social security arrangements besides control of public expenditure.Mrs. Nirmala Sitharaman mentioned the improvement in ease of doing business in India and influx of huge amount of FDI into India, since the present Government came to power while underlining that the investment from Brazil has been modest and below potential, thereby emphasizing that both countries take measures to enhance two way investment. She mentioned that India felt the absence of Brazil in the VIth India-LAC conclave organized by India during 8-9th October, 2015 in New Delhi and suggested Brazilian Minister to host similar conclaves in Brazil so as to establish long term economic partnerships and foster south-south cooperation. A Joint Working Group on trade promotion was suggested to be formed to ensure smooth conduct and success of such events which the Brazilian side welcomed.Commerce Minister thanked Brazil for its initiative and cooperation for holding constructive deliberations on MSME, Services, Standardisation, IPR and Single Window mechanism during BRICS summit.