India-Brazil Current Affairs - 2020
The President of Brazil, Mr Jair Bolsonaro visited India to take part in Republic Day celebrations. During his visit, the countries signed several agreements. Alongside, the fifth session of India-Brazil Trade monitoring mechanism was also held. President Bolsonaro was accompanied by a huge business delegation. They will hold several meetings with their Indian counterparts during the India-Brazil Business Forum that is to be held in 27, January, 2020.
The countries signed agreements on trade, cyber security, information technology. The countries have set target to increase bilateral trade to 15 billion USD by 2022.
Animal Husbandry is the new area over which the countries have identified potential cooperation. This is mainly due to the common genetic heritage between the countries.
The countries agreed to address the issue of sugarcane bilaterally. The issue was raised by Brazil at WTO complaining India is extending support to local sugarcane growers. According to WTO, Most Favoured Nation status should be awarded by the members to every other member. This will exclude special tariff and also exclude restriction on imports and exports helping to increase trade globally.
Tags: bilateral trade • Business and Economy • Energy Security • India-Brazil • India-WTO
On January 23, 2020, India and Brazil will sign the Bilateral Investment Treaty during the visit of Brazilian President Jair Bolsonaro. The President is visiting India as a Chief Guest of Republic Day celebrations.
The President of Brazil is to visit India between January 24, 2020 and January 27, 2020. The countries will sign 20 agreements during his visit. They will upgrade their Strategic Partnership Action Plan. The plan is to serve as the base for the agreements to be signed. The countries are expected to sign agreements in the sectors of technology, cooperation, logistics and sharing.
On January 23, the union cabinet approved agreements between India and Brazil on Mutual Legal Assistance in criminal matters and in the sector of oil and natural gas.
Mutual Legal Assistance
According to the agreement, the countries will aid each other in investigation of crimes. This will help to track, confiscate and restrain instruments of crime and also the funds used to finance terrorism.
It is essential for India to sign such crime record sharing agreements with a greater number of countries to maintain internal security. This helps to track the criminals and prevent extradition. It will also help to hasten investigation processes and help end the cases with right justice.
Oil and Natural Gas
The Cabinet also cleared the agreement signed by India and Brazil on Oil and natural gas. According to the agreement, the countries will work towards establishing cooperation in production and exploration of oil and natural gas.
Brazil is the 12th largest oil producer in the world. With raising tensions between US and Iran and increasing oil prices, it is important for India to search for alternative to keep oil prices under control.