It is officially known as the Federative Republic of Brazil. The country has oil reserves which contribute approximately 0. On May 3, the first Indian diplomatic mission was opened in Rio de Janeiro and was later moved to Brasilia on August 1, For import duties, a system is in position, which gradually decreases the tariff depending on the amount of successful importing years.
Brazil's share in Indian export market was about 2. The country went through the global recession inbut strong fundamentals have led the country to survive the crisis.
It is also considered a middle-power that has moderate influence in international affairs. In addition to the foreign policy challenges, there are some other issues that have hit Brazil very hard in recent years.
The unemployment rate in was During the Cold War period, the two countries were largely insignificant, inward-looking and had protective policies- mainly due to the disagreements over decolonization of the Portuguese in India, especially Goa.
For instance, corruption is one of the biggest problems in the country. Other relevant articles for you are:. Over the past decade, Brazil's political stability and sound government policies have supported the nation's economic growth.
It is worth mentioning that Brazil is the 4th largest FDI recipient in the world; however, FDI in the country took a downturn in the first semester of Banco Santander,