Sri Lanka and Brazil Set Target to Reach US$ 1 Bn Bilateral Trade by 2030 📈

Sri Lanka and Brazil concluded the Second Round of Bilateral Political Consultations in Colombo on March 20, 2026, marking a significant step in strengthening economic and diplomatic ties. • Trade & Investment: Both nations agreed to elevate bilateral trade to US$ 1 Bn by 2030, emphasizing diversification to meet evolving global economic dynamics. • Agriculture & Technical Cooperation: Finalized agreements for a Dairy Livestock Project and a Sugarcane Project are expected to be signed soon with support from the Brazilian Cooperation Agency (ABC), boosting local animal husbandry and agricultural research. • Key Sectors for Collaboration: New avenues for cooperation were identified in ports and shipping, sports, and agriculture, aiming to leverage Brazilian expertise for Sri Lankan sectoral growth. • Legal & Security Framework: Committed to finalizing pending MoUs on defense, law enforcement, countering human smuggling, and traditional/Ayurvedic medicine. • Diplomatic Milestones: Discussions covered President Anura Kumara Dissanayake’s upcoming state visit to Brazil and the revival of Parliamentary Friendship Groups, including an upcoming visit from a Brazilian women’s parliamentary delegation. Based on official 2026 bilateral consultation data.