Brazil & India — India

Brazil: Brazil is the primary source of sugar imports for India, benefiting from increased export demand.

India — India: The government implements import and regulatory measures to control sugar prices, impacting domestic market dynamics.

Brazil: Brazil is the world's largest sugar producer. Lower production in Brazil is contributing to global supply concerns and higher prices, benefiting Brazilian sugar exporters.

India — India: The government is the primary actor, implementing policy measures to control sugar prices and supply. Its decisions on imports, stock limits, and ethanol policy are central to the event, and it faces political pressure over rising prices.

Brazil: Cited as example of successful ethanol blending with consumer fuel choice.

India — India: The government defended its ethanol blending policy, highlighting forex savings and environmental benefits, reinforcing its commitment to the programme.

Brazil: Mentioned as having similar Pix system criticized by USTR.

India — India: The government introduced and passed the bill, gaining power to notify charges on UPI, but faces criticism for yielding to US pressure.