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India, Brazil to sign Strategic Action Plan

India, Brazil to sign Strategic Action Plan

India and Brazil are looking to conclude 20 pacts across defence, agriculture, energy, healthcare and minerals during President Jair Bolsonaro's India trip for the Republic Day amid Delhi's plan to gain a significant foothold in the resource-rich Latin America.

Key Points:

  • Both sides are keen to add momentum to a strategic partnership that was signed in 2006 with a focus on defence industry and robust cooperation in the hydrocarbon sector.
  • A bigger one during the visit could be the Bilateral Investment Treaty, which will be the first revised one that India will sign with any country.
  • In the year 2018, India was the 11th biggest exporter to Brazil and the 10th biggest importer from the country.

Note:

  • The Brazilian companies have invested in IT, automobiles, mining, biofuels, energy and footwear sectors in India.
  • The Indian companies have invested in IT, pharmaceutical, energy, agri-business, mining, engineering and automobiles.
  • Brazil is among the top 10 oil producers in the world.
  • Major reforms are being undertaken in Brazil's energy sector, which will help to increase not only production but also oil exports.

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