Brazilian President Jair Bolsonaro’s first meeting with India’s Narendra Modi appears to have boosted economic ties between the two emerging powers, which signed a trove of trade and investment agreements on Saturday.
President Bolsonaro, who became the first Brazilian head of state to visit India, had a seemingly productive one-on-one with Prime Minister Modi earlier in the day. The two leaders exchanged pleasantries and warm words before proceeding with talks – the most closely watched part of the meeting.
“Your visit to India has opened a new chapter in bilateral ties between India and Brazil,” Modi said in his media statement while greeting Bolsonaro.
At the end of the day, Brazil and India – both members of the informal BRICS bloc – inked 11 agreements, among them a Strategic Partnership Action Plan and a Bilateral Investment Treaty. Other documents related to bio-energy, cyber security, investment, health, and medicine.
#BREAKING : #India and #Brazil today signed 11 joint cooperation documents in the presence of Prime Minister of #India Narendra Modi and President Jair Bolsanaro.
The signed documents are as follow’s: -Investment cooperation & facilitation -Bio Energy Cooperation pic.twitter.com/oJemR03ii3
Aside from key ministers, Bolsonaro’s delegation also included representatives of 50 major Brazilian companies ranging from civil aviation and agriculture to defense. As a so-called “chief guest,” he will attend Republic Day – India’s biggest holiday – later on Sunday.
While India and Brazil are the world’s largest emerging economies after China, they perform beyond their potential with bilateral trade amounting to some $8.2 billion a year. India’s red carpet rollout for Bolsonaro signals that New Delhi and Brasilia want their economic ties to thrive.
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