India-Brazil ink 15 agreements during Brazil President’s visit on Republic Day
The President of Brazil, Mr Jair Bolsonaro visited India to take part in Republic Day celebrations. During his visit, the countries signed several agreements. Alongside, the fifth session of India-Brazil Trade monitoring mechanism was also held. President Bolsonaro was accompanied by a huge business delegation. They will hold several meetings with their Indian counterparts during the India-Brazil Business Forum that is to be held in 27, January, 2020.
Highlights
The countries signed agreements on trade, cyber security, information technology. The countries have set target to increase bilateral trade to 15 billion USD by 2022.
Outcomes
Animal Husbandry is the new area over which the countries have identified potential cooperation. This is mainly due to the common genetic heritage between the countries.
Concerns
The countries agreed to address the issue of sugarcane bilaterally. The issue was raised by Brazil at WTO complaining India is extending support to local sugarcane growers. According to WTO, Most Favoured Nation status should be awarded by the members to every other member. This will exclude special tariff and also exclude restriction on imports and exports helping to increase trade globally.
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Month: Current Affairs - January, 2020