India and Brazil on Saturday set a target to raise annual bilateral trade to USD 20 billion over the next five years and signed an agreement on cooperation in critical minerals following talks between Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva. The two leaders also pledged to expand cooperation in defence, energy, healthcare, digital public infrastructure and emerging technologies, while calling for stronger strategic coordination amid global geopolitical uncertainty.
“Brazil is India's largest trading partner in Latin America. We are committed to taking the bilateral trade beyond USD 20 billion in the next five years. Our trade is not just a figure, it is a reflection of trust,” Modi said in a joint media statement.
India-Brazil trade stood at USD 12 billion in 2024-25, with Indian exports at USD 6.77 billion and imports from Brazil at USD 5.43 billion.
Modi said the agreement on critical minerals and rare earths would help build resilient supply chains. The two sides also adopted a joint declaration on digital partnership and signed memoranda of understanding covering mining, micro, small and medium enterprises, healthcare and traditional knowledge systems.
“Our cooperation in the field of defence is also continuously growing. This is a great example of mutual trust and strategic coordination. We will continue to strengthen this win-win partnership,” Modi said.
The prime minister added, “We believe that every problem must be resolved through dialogue and diplomacy. India and Brazil are unanimous that terrorism and its supporters are enemies of all humanity.”
Lula, who is on a five-day visit from February 18 in India to attend the AI Impact Summit, condemned terror attacks in Kashmir and said terrorism should not be linked to any religion or nationality.
“The turbulent global environment requires India and Brazil to deepen their strategic ties and that dialogue between the two powers is an engagement of superlatives,” Lula said.
“We are not just the two biggest democracies of the Global South. This is a meeting of a digital superpower with a renewable-energy superpower. We are both mega-diverse countries and we both defend multilateralism and peace,” he said.
Both leaders emphasised reform of global institutions, including the United Nations Security Council, to better represent the Global South.
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