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Bilateral trade with Brazil may go beyond $10bn

Jun '07
“India - Brazil trade relation has the potential of achieving the target of $10 billion by 2010 and can also go beyond the target”, said Mr. Luiz Inacio Lula da Silva, President of the Republic of Brazil at a meeting with Indian business delegates organised jointly by the Confederation of Indian Industry (CII), The Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Federation of Indian Chambers of Commerce and Industry (FICCI).

The President said that both the countries should diversify their trade potential and the significant business delegation is already following Indian example of economic growth.

Earlier in the day, Mr. Manmohan Singh, Prime Minister of India and President Lula formed the CEO's forum. The forum will include business communities of both the coutries that will focus towards achieving a bi-lateral trade of $10 billion by 2010 and look at the business opportunities between the two countries.

He said that Brazil and India had created G20, which makes both the countries important in the WTO negotiations and fulfilling Doha Round successfully. The interest of the developing countries and the farmers' dependent solely on the agriculture are the priorities of the discussion in WTO, added President Lula.

He said, “I've been working on the idea that 21st century will be the century of opportunities for the countries who could not take the advantage in 20th century”.

He also said that there is a huge potential in the renewable energy sector and Brazil along with India and South Africa are working towards creating a world group to make bio-fuel as a source of renewable energy. “This can generate jobs in the country side and reduce poverty”, he added.

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