India and Brazil expected to grow to USD 15 billion trade by 2022, says Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Monday expressed hope that tre between India and Brazil will grow to USD 15 billion by 2022, as latter is one of our most important partners in entire LAC (Latin America and Caribbean) region. 

" visit of Brazilian President Bolsonaro, is a sign of growing importance of India-Brazil bilateral partnership," said Goyal, while dressing inaugural session of India-Brazil Business Forum held in Delhi.

" 15 MoUs signed during visit of President of Brazil shows power of democracy, demography, leership, talent pool available in India, India's market and aspirations of one billion Indian citizens for a better life," Union Minister ded.

Goyal also ted that this was most productive visit by a Brazilian He of State, as MoUs were signed on investments, tre facilitation, social security, agriculture, defence and double taxation.

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Growth in Railway sector

Union Minister also looks forward to a growth in investments in sectors of clean energy, startups, railways and creation of value chains between India and Brazil, so that  goods could be semi-assembled in one country and finished in ar.

Goyal, who also holds Railway Ministry, anunced that entire Indian Railways will be fully electrified by 2024, running completely on clean energy, and with zero-emission by 2030.

He furr suggested that India-Brazil Business Leer's Forum should be activated and reconstituted to increase its relevance and make it more contemporary to businesses in two countries.

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Growth in wellness sector

ting that since Brazil has a strong community of yoga and Ayurveda practitioners, Piyush Goyal said that it could benefit India's services in wellness sector as well.

Brazil has a n-profit association of Ayurveda (ABRA), with offices in nine states and its members all over  country.  third International Conference on Ayurveda was held from March 12 to 15, 2018 in Rio de Janeiro. More than 4,000 delegation participated in conference, including India.

India and Brazil share a close relationship at bilateral level as well as plurilateral panels like BRICS, BASIC, G-20, IBSA, International Solar Alliance (ISA) and also at multilateral bodies like UN, UNESCO and WIPO, Goyal said.

Piyush Goyal concluded saying that  dece-old bilateral strategic partnership is based on a common global goal, shared democratic values and a dedication to promoting ecomic growth for welfare of people of both countries.

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(With inputs from ANI)