India and Brazil on Thursday agreed to deepen their economic engagement by expanding the scope of their Preferential Trade Agreement (PTA) under the Mercosur framework. As a part of this effort, the two countries have set a new bilateral trade target of $20 billion by 2030, up from $12 billion in 2024. At the India-Brazil Business Dialogue in New Delhi, Brazil’s Vice President and Minister for Development, Industry, Trade & Services, Geraldo Alckmin, said the two nations were “complementary, not competitive” during the event jointly organised by FICCI, ApexBrasil, and CNI. “This year, India's exports to Brazil grew over 30%, and Brazil's exports are also growing. We will exceed the foreign trade target of $20 billion by 2030,” he said.