India-Brazil talks: PM Modi announces $20 billion trade target
What's the story
Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva held talks in New Delhi on Saturday. The discussions were aimed at strengthening bilateral cooperation between the two major Global South nations. PM Modi called the relationship a "win-win" partnership, announcing plans to increase bilateral trade beyond $20 billion in the next five years.
Trade expansion
Trade a reflection of mutual trust: PM Modi
PM Modi emphasized that the trade between India and Brazil is a reflection of mutual trust. He said, "Brazil is India's largest trade partner in Latin America." The Prime Minister also highlighted the importance of cooperation in technology and innovation for both countries and the larger Global South.
Strategic alignment
Agreement on critical minerals, rare earths
The talks also included an agreement on critical minerals and rare earths. This is seen as a major step toward building a resilient supply chain between the two nations. PM Modi said that defense cooperation between India and Brazil is also steadily growing, reflecting deepening strategic alignment and mutual confidence.
Healthcare collaboration
Cooperation in healthcare, pharmaceuticals
PM Modi also spoke about the potential for cooperation in healthcare and pharmaceuticals. He said India would work to increase the supply of affordable, high-quality medicines to Brazil. The Prime Minister also stressed promoting Ayurveda and traditional medicine as part of holistic healthcare approaches.
Cultural synergy
Lula calls India-Brazil partnership 'digital superpower with renewable energy superpower'
President Lula also stressed the importance of bilateral relations. He called the partnership "a meeting of the world's pharmacy with the world's barn, and a digital superpower with a renewable energy superpower." The Brazilian leader said both countries are mega-diverse hubs of the cultural industry and defend multilateralism and peace.
Diplomatic ties
India-Brazil relations anchored in shared democratic values
The relations between India and Brazil are anchored in shared democratic values and a commitment to inclusive economic growth. The two countries cooperate closely in plurilateral and multilateral forums such as BRICS, IBSA, G20, G-4, International Solar Alliance, and the UN system. During PM Modi's state visit to Brasilia, both sides agreed to establish a Trade Minister-level review mechanism with an ambitious bilateral trade target of $20 billion by 2030.
Economic growth
Brazil a key partner in hydrocarbons, biofuels
Since then, economic ties have shown strong growth with bilateral trade reaching $15.21 billion. There are over $15 billion in Indian investments in Brazil. Energy cooperation remains a cornerstone of the relationship with Brazil, emerging as a key partner in hydrocarbons and biofuels. The country is also a co-founder of the Global Biofuel Alliance.