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Investing.com -- Brazilian President Luiz Inacio Lula da Silva announced Tuesday that Brazil aims to triple trade flows with India from $12 billion last year "in the short term," though he did not specify an exact timeframe for achieving this goal.
Lula made the statement while appearing alongside Indian Prime Minister Narendra Modi during Modi’s state visit to Brasilia. The Brazilian president also mentioned that Brazilian aircraft manufacturer Embraer (B3:EMBR3) is seeking to strengthen its presence in India through partnerships with Indian companies.
Additionally, Lula suggested that expanding the existing preferential trade agreement between India and the South American trade bloc Mercosur could help reduce both tariff and non-tariff barriers that are currently limiting trade between the regions.
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