“The two Heads of State and Government stressed that the World Trade Organization is an essential element in supporting growth in developing countries. Recognizing the complementary nature of trade and investment, they agreed that the established bilateral mechanisms could be used appropriately to promote closer cooperation,” the joint statement said. The two sides also agreed to cooperate in the field of livestock. “The two sides also agreed to set a target of $US 15 billion in bilateral trade by 2022, given the complementarities between the two economies,” State Department spokesman Raveesh Kumar said. During the discussions, the two sides also agreed that there is great potential for increasing the production and absorption of ethanol in the Indian fuel mix and looked forward to continued cooperation in the region. Regular high-level bilateral visits have given sustained impetus to the growing relations between India and Brazil. On the Indian side, Vice President S. Radhakrishnan (1954), Prime Minister Indira Gandhi (1968), Prime Minister Narasimha Rao (1992 – for the Earth Summit), President K.R. Narayan (1998), Prime Minister Dr. Manmohan Singh (2006, Prime Minister Shri Narendra Modi (July 2014) and President Pratibha Patil (2008) visited Brazil, while President Fernando Henrique Cardoso (1996), President Lula (2004, 2007 and 2008) and President Dilma Rousseff (March 2012) on the Brazilian side retaliated.
At the invitation of the Prime Minister, President Michel Temer Goa visited the VIII BRICS Summit (15-16 October) in October 2016 and paid an official visit on October 17, 2016. He was accompanied by foreign minister José Serra, Agriculture Minister Blairo Maggi, Industry, Foreign Trade and Services Minister Marcos Pereira and major official and trade delegations. (i) Memorandum of Understanding between ICAR and Brazilian Agriculture Research Corporation (EMBRAPA) on cooperation in the fields of genetic resources, agriculture, livestock, natural resources and fisheries; Diplomatic relations between India and Brazil were established in 1948. . . .