According to a statement from the Indian Ministry of Foreign Affairs, the action plan presented by the two countries included the establishment of forums and consultation frameworks, such as consultations with the Ministry of Foreign Affairs, strategic, economic and financial dialogues, a trade monitoring mechanism and joint working groups in the areas of oil and gas , bioenergy, geology and mineral resources, science and technology, the environment and global cybersecurity. The two countries also presented an action plan to strengthen strategic relations between the two countries. India`s relations are extensive and comprehensive, which have all the main segments of interaction, seen at all three levels: bilateral, plurilateral in forums such as IBSA, BRICS, BASIC, G-20, G-4 and in the larger multilateral arena such as the UN, WTO, UNESCO, WIPO, etc. Bilateral relations between India and Brazil have taken on the dimension of a strategic partnership over the past decade under the leadership of former Brazilian President Luiz Inacio Lula da Silva. The first visit of her successor, President Dilma Rousseff, to India in March 2012 strengthened the commitment and content of this relationship. Trade relations: Brazil is one of India`s main trading partners throughout the Lake region (Latin America and the Caribbean). Bilateral trade between India and Brazil has increased considerably over the past two decades. However, the decline in world commodity prices and the economic recession in Brazil, which began in 2015, have had an impact on Brazil`s overall trade. As a result, the negative effects were also felt in bilateral trade, which amounted to $7.9 billion in 2015 and 2016, or $5.64 billion. In 2019, bilateral trade amounted to $7.02 billion. Indian exports to Brazil and imports from Brazil totaled $4.257 billion and $2.763 billion, respectively, with India having a trade surplus of $1.494 billion.
In 2019, India was Brazil`s largest source of imports and the 18th largest export destination. Read also: India, Brazil ink 15 pacts in trade, investment, energy; Unveiling of the Action Plan for Expanding Relations On February 20, 2019, the Embassy organized a state-promoted event to showcase business and investment opportunities, different cultures of Nagaland and the National Capital Territory of Delhi. The 550th anniversary of guru Nanak Dev ji was celebrated on 17 and 22 November 2019 in Sao Paulo and Brasilia. Constitution Day and the Campaign for The Duties of Citizens were celebrated on 26 November 2019 in Brasilia and Sao Paulo. World Hindi Day was celebrated on 17 January 2020 in Brasilia. Regular Hindi classes are also held at the embassy to teach Hindi to Brazilians. New Delhi: India and Brazil signed 15 agreements on Saturday to strengthen cooperation in areas such as energy and trade and investment, including cybersecurity and information technology, following talks between Brazilian President Jair Messias Bolsonaro and Prime Minister Narendra Modi. Both sides agreed to consider the rapid signing of an investment cooperation and facilitation treaty, which will serve as a catalyst for the promotion of trade and economic relations. An agreement on cooperation on mutual recognition was also signed on 24 October 2016 between the Office of Indian Standards (BIS) and the Brazilian Association of Technical Standards (ABNT).