Brazil's trade minister says work on the framework for a broader pact is complete, building on the expansion talks announced in September.

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• Brazil's Minister of Development, Industry, Trade and Services, Márcio Elias Rosa, said the two sides have finished drafting terms of reference for a broader trade arrangement involving Mercosur.
• He spoke after meeting Commerce and Industry Minister Piyush Goyal on the sidelines of the G20 Trade Ministers' Meeting.
• The terms of reference will define the scope and structure of the expanded agreement, after which the sides can build specific proposals.
• India and Mercosur announced on September 14, 2026, the start of negotiations to expand their existing Preferential Trade Agreement.
• The India-Mercosur PTA has been operational since June 2009 and is the base for the proposed expansion.
• It provides tariff concessions on 450 tariff lines from India and 452 from Mercosur, with reductions ranging from 10% to 100%.
• Rosa described the current arrangement as too limited, noting that it covers only a small number of products.
• The long-term goal is to upgrade the PTA into a comprehensive Free Trade Agreement covering goods, services and investments.
• On September 14, the two sides also signed the First Additional Protocol to the PTA, enabling acceptance of electronic Certificates of Origin to support paperless trade.
• Mercosur is the South American trade bloc whose members include Brazil, Argentina, Uruguay, Paraguay and Bolivia.
• During President Lula's visit to India in February 2026, the two countries agreed to double bilateral trade to US$30 billion by 2030.
• Rosa also pointed to scope for cooperation in the bioeconomy, circular economy, digital economy, artificial intelligence, skills development and defence.