Brasilia/New Delhi: India and Brazil have set an ambitious target to nearly double their bilateral trade to $20 billion over the next five years, as Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva held high-level talks to deepen cooperation across key sectors including defence, technology, renewable energy, and digital innovation.
During their bilateral meeting in Brasilia on the sidelines of the BRICS Summit in Rio de Janeiro, both leaders reaffirmed a shared commitment to a "zero tolerance" approach towards terrorism, calling for a unified global stance against the menace and those who support it.
The two nations inked six strategic agreements, including a pact to combat international terrorism and transnational organized crime, as well as an agreement on the exchange and mutual protection of classified information. Additionally, Memorandums of Understanding (MoUs) were signed in areas such as renewable energy, digital transformation, intellectual property, and agricultural research.
"In today’s discussions, we talked about strengthening cooperation in every field," Modi said at a joint press conference. "We have set a target to take bilateral trade to $20 billion in the coming five years."
Striking a cultural chord, Modi added: “Football is the passion of Brazil, and cricket is the passion of India. Whether the ball crosses a boundary or scores a goal, when both are in the same team, a $20 billion partnership is very much achievable.”
Brazil stands as India’s largest trade partner in South America, with bilateral trade valued at $12.2 billion in 2024-25. India’s key exports include diesel, pharmaceuticals, insecticides, and engineering goods, while Brazil exports crude oil, soy oil, sugar, cotton, and iron ore to India.
Highlighting new frontiers in cooperation, Modi noted advancements in defence ties and pledged to enhance industrial linkages in the sector. He also emphasized collaboration in artificial intelligence and supercomputing, and mentioned ongoing efforts to introduce India’s Unified Payments Interface (UPI) digital system in Brazil.
On global issues, Modi stated that both India and Brazil support resolving disputes through dialogue and diplomacy. “At a time of growing global instability, our partnership is an important pillar of stability and balance,” he said.
Reiterating their shared democratic values, Modi said both countries are aligned in their commitment to champion the voice of the Global South at international forums.
In a notable gesture of diplomatic honour, President Lula conferred upon Prime Minister Modi the Grand Collar of the National Order of the Southern Cross, one of Brazil’s highest civilian awards.
The meeting marked a significant step forward in India-Brazil relations, underlining both nations’ intent to strengthen their strategic and economic partnership in the years ahead.
(This story is published from a syndicated feed)