00:00The two leaders noted that ample opportunities lie ahead for diversifying and expanding bilateral trade.
00:08They set a bilateral trade target of $20 billion to be achieved in the next five years.
00:15They also decided to elevate the level of trade talks and establish a ministerial level mechanism
00:22for monitoring trade, commerce and investment related matters.
00:25The Prime Minister requested the support of Brazil in expanding the India-Mercosur preferential trade agreement,
00:35especially given the fact that Brazil is the pro-term president for the rest of the year,
00:42noting that such an expansion can bring mutual benefits for both sides.
00:46President Lula conveyed Brazil's support towards expansion of the India-Mercosur PTA
00:55and instructed his team to work towards such an expansion.
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