The Union cabinet chaired by Prime Minister Narendra Modi gave its approval for signing and ratification of the Investment Cooperation and Facilitation Treaty (ICFT) between India and Brazil on Thursday, the Ministry of Finance said in a statement.
The treaty will result in increase of investment flows between the two countries.
The ICFT between India and Brazil will provide appropriate facilitation to Brazilian investors in India and Indian investors in the Brazil.
"It is likely to increase the comfort level and boost the confidence of investors by assuring a level playing field and non-discrimination in all investment facilitation matters, thus providing conducive investment climate to investor," the statement added.
It would help project India as a preferred Foreign Direct Investment (FDI) destination to all Brazilian investors, it added.(