Gavin Strong, principal, and Marina Pera, senior analyst, both at Control Risks: “Brazil’s exports to India will be dominated by commodities, including iron ore, oil, soybeans and sugar. Products going the other way will include agrochemicals, auto parts and medicine. These will drive opportunities for the development of transnational supply chains, most notably in agriculture and the pharmaceutical industry. Embraer’s expanding footprint in India presages increased collaboration in the aviation and defense sectors. Bilateral trade is certainly on an upward trajectory. However, tripling trade in the ‘short term’ is a quixotic objective. One suspects that Lula’s decision not to commit to a precise timeframe is in recognition of this. Moreover, although trade between Brazil and India will continue to grow, it will remain small in comparison to both countries’ commerce with China and the United States. The tripling trade target is in part predicated on the updating of the preferential agreement between India and Mercosur. Any observer of Mercosur-E.U. negotiations won’t hold their breath. This will be an obstacle to the addressing of outstanding tariff and non-tariff barriers…”