'Huge potential for SME cooperation in India-Brazil trade'

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SME Times News Bureau | 09 Mar, 2011
Union Minister of Commerce & Industry, Anand Sharma Tuesday said that there is vast potential for cooperation between Indian and Brazil in a number of areas including the Small and Medium Enterprise (SME) sector.

Sharma, who met the Minister of Foreign Affairs of Brazil, Ambassador Antonio Patriota in New Delhi on Tuesday, highlighted about the vast potential for cooperation between the two countries in areas like SMEs, IT, science & technology, engineering, energy, infrastructure, nuclear power, etc.

During the interaction, he raised the issue of imposition of anti-dumping duties on Indian products such as PET Films (Polyethylene Terephthalate), jute yarn, jute bags, nitrile rubber and stainless steel, an official statement said.

He further added that at present no anti-dumping duty has been imposed by India on import of any items from Brazil. During the discussions, he also raised the issue of flexibility in business visas.

"India is desirous to forge stronger trade and economic ties with Brazil," Sharma said, adding that that economic complementarities between the two countries would cement the trade and economic relations further and help in the inclusive growth of both the countries.

The two countries, however, identified priority sectors such as energy, oil, tourism, pharmaceutical, mining and agro-processing for further enhancing the bilateral trade and agreed to set up a CEOs Forum, according to the statement.

Sharma expressed satisfaction on increasing bilateral trade to US $ 7.73 billion in 2010 between the two countries. He mentioned to the visiting Minister that both the countries could make sincere efforts to achieve the target of having bilateral trade of US $ 10 billion over the next few years.