Brazil has emerged as India's largest trading partner in Latin America with bilateral trade crossing the record 2 billion U.S. dollar mark in 2006, Indian Minister of Commerce and Industry Kamal Nath said on Monday.

Speaking at the inaugural session of the Business Seminar on India and Brazil here, he said the Indian and Brazilian governments had set a bilateral trade target of 10 billion U.S. dollars by 2010.

Two-way trade between India and Brazil has registered a quantum increase -- from 488 million U.S. dollars in 2000 to 2.4 billion U. S. dollars in 2006, he said.

"Indian investments in Brazil had also increased in recent years, particularly in the field of information technology, biotechnology and pharmaceuticals. Indian companies such as Tata Consultancy Services, Ranbaxy and Dr. Reddy's Laboratories, Strides among others have made a mark in the Brazilian market," the minister said.

Source: Xinhua