Addressing the plenary session of the India-Brazil Business Forum in New Delhi, Goyal noted that bilateral trade had grown by 25 per cent in the past year to reach $15 billion but described the figure as “suboptimal.” He said both countries must aim higher to unlock the full potential of their economic partnership.
Referring to the higher benchmarks set by President Luiz Inacio Lula da Silva and Prime Minister Narendra Modi, the Minister expressed confidence that India and Brazil could “grow faster, grow bigger and grow together” for shared prosperity.
He described the two nations as natural partners bound by democracy, diversity and shared development aspirations.
Goyal highlighted that Brazil is India’s largest trading partner in the Latin America and Caribbean region, with expanding cooperation in defence, energy, agriculture and agrochemicals.
He also pointed to collaboration in multilateral platforms such as BRICS, IBSA, the G20 and the World Trade Organization, underscoring the broader strategic dimensions of the relationship.
Emphasising India’s trade and investment outlook, the Minister said India has emerged as a trusted global investment destination, attracting nearly $80 billion in foreign direct investment in the financial year 2025 – the highest ever in a single year.
