New Delhi: India and Brazil agreed on Saturday to double bilateral trade to an annual USD 30 billion by 2030, marking a significant expansion of economic ties between the two major emerging economies. The announcement came after wide-ranging talks between Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva in New Delhi.
Both the countries have signed an agreement to boost cooperation on critical minerals and rare earths, as the Indian government seeks new suppliers to curb its dependence on China, according to an AljaZeera report.
The leaders reviewed the progress of bilateral relations, following President Lula’s participation in the AI Impact Summit, and underscored the importance of strengthening cooperation amid a turbulent global economic environment.
Trade Growth and Targets
Bilateral trade exceeded USD 15 billion in 2025, reflecting robust commercial engagement. Modi and Lula initially set a target of USD 20 billion by 2030, but officials said the two sides agreed to elevate the ambition further — aiming to reach at least USD 30 billion in annual trade by the end of the decade.
Modi highlighted Brazil as India’s largest trading partner in Latin America, stating the trajectory of trade growth as a “reflection of trust and shared strategic interests.”
Agreements on Minerals, Supply Chains and Technology
The two governments signed multiple agreements focusing on critical areas:
Cooperation in rare earths and critical minerals, a sector vital for technology, clean energy and resilient global supply chains. Brazil holds significant reserves of minerals essential for high-tech industries.
Memoranda of Understanding (MoUs) on mining and steel supply chain cooperation, aiming to support both countries’ industrial growth.
A joint Digital Partnership for the Future and pacts on collaboration in health, MSMEs and traditional knowledge, broadening the scope beyond commodities.
Modi and Lula reaffirmed their commitment to deeper engagement on defence, security, and multilateral issues. They emphasized that stronger India-Brazil ties would help navigate the fragmented global geopolitical landscape.
Officials also discussed the implications of a recent US Supreme Court decision that struck down certain tariff policies, noting the need to carefully assess its impact on global trade dynamics, according to reports.
Lula highlighted India’s capabilities in technology sectors such as IT, AI and biotechnology as areas for enhanced cooperation, while Modi underlined Brazil’s role in supplying critical raw materials to support India’s infrastructure and manufacturing expansion.
