Petrobras signed a contract to supply 6 million barrels of oil to India over the course of a yearannounced this Thursday (16) the vice-president Geraldo Alckminwhich leads the Brazilian delegation on official visit to the Indian capital. The agreement is part of a broader agenda of strengthening trade and energy relations between the two countries.
According to Alckmin, the state-owned company will also launch 18 blocks offshore for oil exploration in the Santos and Campos basins. “It’s a record. There will be 18 blocks next year and an even larger number on land,” he said.
The agreement comes amid pressure from the United States on India, which faces tariffs of up to 50% due to its purchase of Russian oil. Despite this, the Asian country remains heavily dependent on Russia, which accounts for more than a third of its energy consumption.
The partnership with Brazil appears as a diplomatic and strategic alternative for New Delhi to diversify suppliers.
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Tariff preferences
During the mission, Brazil and India also defined a timetable for expanding the Mercosur–India Preferential Trade Agreementtoday considered restricted. The Brazilian government wants to increase bilateral trade to US$15 billion in 2025 and US$20 billion by 2026.
THE current treaty covers only 450 product categories and provides for modest tariff reductions, between 10% and 20%. The proposal under discussion seeks expand the number of benefited products and deepen commercial preferences.
“We have a tariff preference agreement that covers a few lines. We can expand and deepen it to increase our competitiveness”, stated Alckmin.
For ApexBrasil’s business director, Ana Repezza, reviewing the treaty is a priority given international tensions. “Enlargement has become a strategic priority, especially after tensions with the United States,” he said.
Business and sectoral cooperation
The Brazilian mission brought together representatives from 20 sectors, including agribusiness, technology, energy and health. The conversations addressed tariff reduction and access to the Indian market, as well as measures to facilitate business, such as the electronic visa for Indian businesspeople and partnerships in the pharmaceutical area.
The Minister of Health, Alexandre Padilha, is expected to arrive in New Delhi this Friday (17) to deepen negotiations in the area.
The initiatives reinforce the rapprochement between Brazil and India at a time of global geopolitical reconfiguration, with both countries seeking to expand their presence in international trade and consolidate themselves as central actors in the Global South.
