India-Brazil trade to reach $10 billion by 2010

New Delhi, June 4 (UNI) Brazil has emerged as India's largest trading partner in Latin America with bilateral trade crossing the record two billion dollar mark in 2006, minister for commerce and industry Kamal Nath said today.

Both countries have set a bilateral trade target of 10 billion dollars by 2010, he said.

The two-way trade between India and Brazil has registered a quantum increase -- from a meagre 488 million dollars in 2000 to 2.4 billion dollars in 2006.

India and MERCOSUR (of which Brazil is a part) have agreed to give tariff concessions, ranging from 10 to 100 per cent to the other side on 450 and 452 tariff lines respectively. The preferential trade agreement will come into force as soon as ratified by the legislatures of Brazil and Argentina, said Mr Nath.

''Indian investments in Brazil have also increased in recent years, particularly in the field of information technology, biotechnology and pharmaceuticals.'' The minister held meetings with a Brazilian business delegation led by visiting president of the National Confederation of Industry Miguel Joao Jorge Filho.

UNI