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Business News/ Politics / Policy/  India, Brazil aim to increase bilateral investments
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India, Brazil aim to increase bilateral investments

The two countriespart of BRICSagreed on the need for united global action without 'distinction' or 'discrimination' to deal with terrorism

Prime Minister Narendra Modi with the Brazil’s President Michel Temer during a bilateral meeting in Goa on Sunday. Photo: PTIPremium
Prime Minister Narendra Modi with the Brazil’s President Michel Temer during a bilateral meeting in Goa on Sunday. Photo: PTI

New Delhi: India and Brazil have finalised the text of a bilateral investment pact with the aim of increasing investments in the other country.

The two countries—part of the group of five emerging economies known by the acronym BRICS —also agreed on the need for united global action without “distinction" or “discrimination" to deal with terrorism.

These were among the decisions reached during talks between Prime Minister Narendra Modi and Brazilian President Michel Temer in Goa.

Temer is in India to take part in the Brazil-Russia-India-China-South Africa or BRICS summit that took place in Goa on Sunday.

Modi said both countries will work for early adoption of the Comprehensive Convention Against International Terrorism (CCIT) by the UN. During their talks, Temer supported New Delhi’s bid for membership of the elite Nuclear Suppliers Group (NSG) and conveyed to Modi that Brazil will work with other member countries of the exclusive bloc to facilitate India’s entry into it.

In a statement issued after the talks, Modi said both countries have finalised the text of the bilateral investment agreement which will provide “much needed momentum" to increased bilateral business and investment linkages. Modi said he has sought greater market access and investment opportunities for Indian products and companies in Brazil.

Temer’s Goa visit is his first outside Latin America after assuming the office of president in August replacing Dilma Rousseff.

Also Read: Brazil-India trade can triple in a few years: Michel Temer

“President Temer and I have reviewed the full range of bilateral cooperation. Noting the potential for much more, we have agreed to scale up our engagement. This is in line with our mutual desire for a reinforced strategic partnership," Modi said.

“We have also made progress in opening new areas of cooperation during this visit in drug regulation, agricultural research and on cyber security issues," Modi said.

On terrorism, Modi said: “We deeply appreciate Brazil’s support for India’s actions in combating terrorism. We agreed that the world must come together to fight this menace without distinction or discrimination."

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Published: 17 Oct 2016, 09:38 PM IST
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