India, Brazil sign seven MoUs, set trade of $10 B by 2010
Monday, 04 June 2007, 19:30 IST
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New Delhi: Brazil has emerged as India's largest trading partner in Latin America and the two sides, apart from signing seven agreements, have set a target of $10 billion in bilateral trade by 2010, Commerce Minister Kamal Nath said here Monday. "Two-way trade between India and Brazil has registered a quantum increase - from a mere $488 million in 2000 to $2.4 billion in 2006," Kamal Nath told a business seminar organised by the Confederation of Indian Industry (CII). In addition to the announcement, the two countries signed seven agreements and memoranda of understanding in areas ranging from space, trade and energy to academic exchanges. The areas were announced as: -Agreement on audio-visual co-production: signed by Information and Broadcasting Minister P.R. Dasmunsi and Brazilian Minister for External Relations Celso Amorim. -Implementing arrangement regarding cooperation in augmentation of Brazilian earth station for receiving and processing data from Indian remote sensing satellites: signed by Department of Space Secretary G. Madhavan Nair and Amorim. -Agreement on mutual assistance in customs matters: signed by Central Board of Excise and Customs Chairman S.K. Shingal and Brazilian Internal Revenue Service General Secretary Jorge Antonio Deher Rachid. -Academic exchange programme: signed by University Grants Commission Chairman Sukhadeo Thorat and Jorge de Almeida Guimares, president of CAPES, Brazil's nodal institution that coordinates improvement in higher education. -Memorandum of understanding on India-Brazil CEOs Forum: signed by Tata Sons chairman Ratan Tata and Petrobras chief executive Jos頓ergio Gabrielli de Azevedo, who will together co-chair the initiative. -Agreement between Oil and Natural Gas Corp (ONGC), ONGC Videsh (OVL) and Petrobras: signed by ONGC chairman R.S. Sharma, OVL managing director R.S. Butola and de Azevedo. -Memorandum of understanding between National Council for Applied Economic Research (NCAER) and IPEA (Institute of Applied Economic Research of Brazil): signed by NCAER director Suman Bery and IPEA director Luis Henrique Soares
Source: IANS
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