During visit of Brazilian President to India in June 2007, talks to increase strategic partnership in the areas of Space, Nuclear Energy for Peaceful use, Defence,science and technology and fight against terrorism were given boost. MOU was signed to increase the current trade from US $ 3.1 billion to US 10 billion by 2012. Agreement in the fields of infrastructure development, space cooperation, Economic co-operation in the fields of Oil and Natural Gas, Space, Medicines, Ethanol etc. India and Brazil agreed to establish defence committee to increase co-operation in defence sector. The setting up of IndoBrazilian Joint Commission covering co-operation in areas like agriculture, science and technology,trade and investment, energy, Education, Defence, space,nuclear energy, health, culture and sports will give boost to the mutual trade and understanding which will help in furthering the trade between the two countries.  .
The increasing co-operation between the two countries is evident from the increasing visits of heads of state and heads of various ministries. Both countries shares common ideology on UNSC reforms for more participation of developing countries in the UN and making UNSC more democratic, legitimate and representative. The relation between India and Brazil are improving and are favored by development in domestic and world affairs. There exist opportunities for mutual co-operation in political and economic matters thus giving boost to South - South diplomacy. They are the leading economies suggesting inter-state coalition forums such as BRIC, IBSA etc for increasing co-operation among developing countries.
The India's Union Minister of Commerce and Industry, Mr. Kamal Nath has reiterated the importance of economic relations with Brazil. He stated that "Brazil being the largest trading partner in Latin America has special importance for India. Over the years, Brazil has emerged out as our biggest partner in the Latin American region. However, I feel that considering the huge opportunities of mutual interests, the volume of trade is still low and it could be enhanced manifolds by efforts of governments and trade bodies of our two countries. Our mutual investments have also increased in recent years, particularly in the field of information technology, biotechnology and pharmaceuticals. Areas of mutual interests between our countries cover pharma, aviation, engineering products, agriculture based industries including equipments and food processing industries, energy including ethanol, chemical products, auto parts and vehicles and two wheelers, IT, banking and urban infrastructure. India and Brazil must continue to be close partners in the UN, WTO and other international foray on issues such as social development, health care, sustainable economic development and poverty alleviation."
In the past few years, Brazil has emerged out as the biggest trade partner in the Latin American region. India and MERCOSUR have agreed to give tariff concessions, ranging from 10% to 100% to the other side on 450 and 452 tariff lines respectively. The Preferential Trade Agreement has come into force. In recent years more and more investments have been directed from the India to the Brazil, especially in the areas of information technology, biotechnology and pharmaceuticals.  However time and maturity is still needed to take bilateral ties and converging interest to new heights. Bilateral relations between India and Brazil got a boost by the visit of Indian Prime Minister, Dr. Manmohan Singh to Brazil in April 2010. The bilateral trade in recent years had reached US$ 5.6 billion in 2009 and is likely achieve target of US$ 10 billion by 2010. The leader's called on business and industry in both countries to utilize the opportunities available in the areas of energy, agriculture, mining, pharmaceuticals, infrastructure, construction and defence research, among others, to further expand bilateral investments.(责任编辑：BUG)