Relevance: Mains: G.S paper II: International Relations
India and Brazil signed 15 agreements to cement cooperation in areas ranging from energy and trade and investment to cyber security and information technology after talks between visiting Brazilian President Jair Messias Bolsonaro and Prime Minister Narendra Modi.
The two countries also unveiled an action plan to further expand strategic ties between the two countries.
Why in news?
- Brazilian President Jair Bolsonaro was the chief guest at India’s Republic Day celebrations. The Chief Guest at the Republic Day parade is accorded India’s highest honour in protocol terms.
Action plan to deepen their strategic partnership:
- The two sides also concluded 15 agreements/MoU on a variety of issues including an action plan to deepen their strategic partnership.
- Under the action plan, existing mechanisms, as well as goals, have been grouped in six major thematic areas.
- The India-Brazil Joint Commission for political, economic, scientific, technological and cultural cooperation will be the main forum for monitoring the implementation of the Action Plan and will convene every two years, the action plan states.
Key MoUs/Agreements exchanged during the Visit:
- MoU for establishing a nodal institution in India to carry out research on Bioenergy.
- Investment Cooperation and Facilitation Treaty.
- Agreement on Mutual Legal Assistance in Criminal Matters.
- MoU on cooperation in the field of Traditional Systems of Medicine and Homeopathy.
- Cultural Exchange Programme for the period 2020-2024.
- MoU between Invest India and the Brazilian Trade and Investment Promotion Agency.
India’s ties with Brazil, the largest country in South America, have been on an upswing in the last few years. The country has a population of 210 million with $1.8 trillion economy.
Major Indian exports to Brazil include agro-chemicals, synthetic yarns, auto components and parts, pharmaceutical and petroleum products. Brazilian exports to India include crude oil, gold, vegetable oil, sugar and bulk mineral and ores.
Indian investments in Brazil were around $6 billion and Brazilian investments in India are estimated at $1 billion in 2018.
Brazilian investments in India are mainly in automobiles, IT, mining, energy and biofuel. India has invested in Brazil’s IT, pharmaceutical, energy, agri-business, mining and engineering.
According to an Indian foreign ministry statement, the action plan unveiled by the two countries included the setting up of consultation forums and frameworks like foreign office consultations, strategic, economic and financial dialogues, a trade monitoring mechanism and joint working groups in the area of oil and gas, bio-energy, geology and mineral resources, science and technology, environment and global cyber issues.