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Business EconomyPosted at: Oct 13 2016 4:26PM


India, Brazil emphasises on two-way investment

New Delhi, Oct 13 (UNI) Underlining that the investment from Brazil has been modest and below potential, Commerce and Industry Minister Nirmala Sitharaman today emphasised that India and Brazil should take effective measures to enhance two-way investment.
Ms Sitharaman and her Brazilian counterpart Marcos Pereira held bilateral talks here. The Brazilian Minister has come to India to participate in the BRICS summit.
Mr Pereira expressed pleasure on the Investment Facilitation Treaty being initiated between India and Brazil at Goa while mentioning that it is their first in Asia and he is glad that it is happening with India.
Both Ministers expressed the need to strengthen the India-MERCOSUR PTA and expand the items on offer from both sides to at least 2,500 from the current 450 as this would greatly benefit the two way trade and need to have close cooperation between India, Brazil and other MERCOSUR partners so as to ensure that the expansion process does not spill over beyond end of next year, the Commerce and Industry Ministry said in a statement.
During the discussions, Mr Pereira informed on the reforms being taken by the present Brazilian government in improving the business environment, economic growth and the legislations being embarked upon to bring about labour reforms, social security arrangements besides control of public expenditure.
Ms Sitharaman mentioned the improvement in ease of doing business in India and influx of huge amount of FDI into India, since the present government came to power.
She also stated that India felt the absence of Brazil in the VIth India-LAC conclave organized by India during October 8-9, 2015 in New Delhi and suggested Brazilian Minister to host similar conclaves in Brazil so as to establish long term economic partnerships and foster south-south cooperation.
A Joint Working Group on trade promotion was suggested to be formed to ensure smooth conduct and success of such events which the Brazilian side welcomed.
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