Brazil's Lula in talks with Indian PM over trade
Tuesday, 5 June 2007
NEW DELHI, June 4 (Reuters): Brazilian President Luiz Inacio Lula da Silva began talks with Indian Prime Minister Manmohan Singh Monday, aiming to strengthen business ties and boost diplomatic links between the two emerging market giants.
Lula arrived in India Sunday on a three-day visit, his second in a little over three years, with a strong business agenda and a delegation of some 100 businessmen, on his way to the G8 summit in Germany this week.
The distant countries have forged strong strategic and trade ties in recent years and have emerged with a common position on key issues such as global trade talks and expansion of the UN Security Council.
"India and Brazil are two major democracies, we are two major countries who are on a path of major expansion of the economy," Lula told reporters ahead of his talks with Singh.
"We need to work towards development of both the countries... strengthen our trade relations," he said after a ceremonial welcome at the Indian president's palace.
Lula and Singh are expected to address the issue and also discuss boosting the use of bio-fuels in India, an area in which Brazil is a world leader, civilian nuclear cooperation and climate change, Indian officials said.
Trade between India and Brazil has surged and touched $2.4 billion in 2006. They have also increased investments in each other's fast-growing economies.
Indian firms have focused on investments and joint ventures in Brazil's pharmaceutical, IT and energy sectors while Brazilian companies have targeted India's infrastructure, food processing and energy sectors.
The two countries aim to quadruple trade to $10 billion by 2010 and their business leaders began a day-long parallel conference Monday to explore new opportunities.
Separately, Brazilian energy giant Petrobras offered 25-30 percent stake to India's state-run Oil and Natural Gas Corp. in three exploration blocks, a Petrobras official told Reuters.
In return, ONGC offered a 15-40 percent stake in its three deep-water blocks on India's east coast, Petrobras manager Demarco Epifanio said, adding that a preliminary agreement on the deals would be signed shortly.
Ahead of the visit, Brazilian officials had complained about New Delhi's hesitation to further open its markets to farm imports and pointed at a fall in Brazilian exports to India by 15 percent to $937 million last year.
Lula arrived in India Sunday on a three-day visit, his second in a little over three years, with a strong business agenda and a delegation of some 100 businessmen, on his way to the G8 summit in Germany this week.
The distant countries have forged strong strategic and trade ties in recent years and have emerged with a common position on key issues such as global trade talks and expansion of the UN Security Council.
"India and Brazil are two major democracies, we are two major countries who are on a path of major expansion of the economy," Lula told reporters ahead of his talks with Singh.
"We need to work towards development of both the countries... strengthen our trade relations," he said after a ceremonial welcome at the Indian president's palace.
Lula and Singh are expected to address the issue and also discuss boosting the use of bio-fuels in India, an area in which Brazil is a world leader, civilian nuclear cooperation and climate change, Indian officials said.
Trade between India and Brazil has surged and touched $2.4 billion in 2006. They have also increased investments in each other's fast-growing economies.
Indian firms have focused on investments and joint ventures in Brazil's pharmaceutical, IT and energy sectors while Brazilian companies have targeted India's infrastructure, food processing and energy sectors.
The two countries aim to quadruple trade to $10 billion by 2010 and their business leaders began a day-long parallel conference Monday to explore new opportunities.
Separately, Brazilian energy giant Petrobras offered 25-30 percent stake to India's state-run Oil and Natural Gas Corp. in three exploration blocks, a Petrobras official told Reuters.
In return, ONGC offered a 15-40 percent stake in its three deep-water blocks on India's east coast, Petrobras manager Demarco Epifanio said, adding that a preliminary agreement on the deals would be signed shortly.
Ahead of the visit, Brazilian officials had complained about New Delhi's hesitation to further open its markets to farm imports and pointed at a fall in Brazilian exports to India by 15 percent to $937 million last year.