India, Brazil seek trade boost |
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Mon, 04 Jun 2007 13:18
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NEW DELHI (XFN-ASIA) - India and Brazil pledged to increase bilateral trade fourfold to 10 bln usd over the next three years.Brazilian president Luiz Inacio Lula da Silva, on a visit to New Delhi, told business leaders that both countries could not only achieve the 'target we have set, we could go beyond that.''We have decided to increase our trade from the present 2.4 bln usd to 10 bln by 2010,' Lula said here on his second visit to India since 2003.'We have not even discovered 10 pct of our trade potential.'During a visit by Indian prime minister Manmohan Singh to Brazil in September, Lula's administration promised to help New Delhi produce ethanol and cut its dependence on oil.Brazil is the largest producer and exporter of ethanol, which may be used by 80 pct of new cars sold in the country.Ethanol meets 17 pct of Brazil's fuel needs. Brazil produces 16 bln liters annually, of which 3 bln liters re exported, according to official statistics.Lula also held talks with Singh, with both sides signing seven agreements to cement their strategic partnership, an Indian official said.afp/net
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India minister urges rich nations to heed concerns of poor in global trade talks 