Milwaukee: Brazil is expanding trade with India and other Asian economies as part of a strategy to diversify its global markets without replacing existing partners, a senior Brazilian minister has said, pointing to significant growth in commerce with New Delhi.
Brazil’s Minister of Development, Industry, Trade and Services Marcio Elias Rosa made the remarks during an impromptu gaggle on the sidelines of the G20 Trade Ministers’ Meeting here.
Rosa said Brazil was strengthening bilateral economic relationships and adding new markets amid global geopolitical and commercial uncertainty.
“Brazil has been able to position itself, trying to diversify its markets, strengthening bilateralism, but without actually replacing any partner,” he said through an interpreter.
The minister stressed that Brazil’s strategy was not aimed at excluding any trading partner.
“Brazil is not practising an exclusion policy. Brazil is just adding,” Rosa said.
He said that approach had resulted in stronger trade with Asian economies, including India.
“So today we have seen significant growth with Asian countries,” Rosa said.
In his Portuguese remarks, the minister specifically identified India among the markets where Brazil had experienced significant growth, along with other partners.
Rosa said the diversification had helped Brazil offset a contraction in its economic relationship with the United States over the past 18 months.
“And the retraction that we’ve had with the United States was compensated along these last 18 months,” he said through the interpreter.
He said Brazil was heading towards a record trade performance.
“Brazil’s closing this year with a record in its balance of trade, the biggest surplus in history,” Rosa said.
Earlier, responding to an IANS question about his discussions with India, Rosa described New Delhi as an important economic partner.
“India is a highly important trading partner to Brazil,” he said.
“India is an economy that is very important to the whole wide world. We have good relations with them,” Rosa added.
Brazil’s diversification strategy also includes efforts to strengthen trade agreements. Rosa said the country was seeking wider commercial relationships while continuing to advocate multilateralism and universal trading rules.
The comments come as India and Brazil seek to deepen economic engagement both bilaterally and through Mercosur. The two countries have also identified areas including defence, digital technologies, artificial intelligence, skills development and investment for greater cooperation.
India and Brazil maintain a Strategic Partnership and work together in BRICS, IBSA and the G20. Their economic relationship spans energy, agriculture, pharmaceuticals, automobiles and other sectors, alongside efforts to expand trade and investment between two of the largest emerging economies.
(IANS)
