India, Brazil aim to deepen bilateral ties as PM Modi eyes $30 billion trade milestone

PM Modi on Saturday described the India-Brazil partnership as “beneficial for a long time,” as he and Brazilian President Luiz Inácio Lula da Silva held wide-ranging talks around critical minerals, defence, technology, pharmaceuticals and more in New Delhi.

With Brazil remaining India’s largest trading partner in Latin America, both sides are now setting their sights higher. “We are committed to taking our bilateral trade beyond $30 billion in the next five years. Our trade is not merely a number; it is a reflection of trust,” the prime minister said.

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He noted that the 300-strong business delegation accompanying President Lula reflected growing confidence in the relationship. The expansion of the India-MERCOSUR trade agreement, he added, would further strengthen economic cooperation and open new avenues for commerce and investment.

"The large business delegation accompanying the President reflects this confidence. The expansion of the India-Mercosur trade agreement will further strengthen our economic cooperation. Our cooperation in technology and innovation is important for both countries as well as the entire Global South," the PM reflected at the Hyderabad House conference.

Speaking alongside Lula, PM Modi informed that the two countries had reviewed cooperation across sectors and reaffirmed their shared vision for the future. “In the discussions we had today, we spoke about our shared purpose and experience in every sector,” he said while addressing the joint press conference.

Strategic collaboration in critical minerals, defence, and pharmaceuticals also featured prominently in the talks.

"The agreement reached on critical minerals and rare earths is a major step in building a resilient supply chain. Our cooperation in the defence sector is also steadily growing. This is a great example of mutual trust and strategic alignment. We will continue to strengthen this win-win partnership," PM Modi noted.

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"There is also immense potential for cooperation in the health and pharmaceutical sectors. We will work to increase the supply of affordable and quality medicines from India to Brazil," he added.

In addition, technology and innovation emerged as central pillars of the partnership. PM Modi described cooperation in these areas as important not only for India and Brazil but also for the wider Global South.

“Both our nations agree that tech must be inclusive and must be a bridge for fair progress,” he further said in his address.

Meanwhile, addressing the press meet, the Brazilian president struck a warm and expansive note, calling it a personal pleasure to return to India for the sixth time.

“The meeting between India and Brazil is a meeting 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.”

He described both nations as mega-diverse societies and cultural powerhouses that share a commitment to multilateralism and peace.

President Lula’s visit to India follows PM Modi’s trip to Brasília in July 2025, the first by an Indian prime minister to Brazil in more than five decades, marking a renewed push to elevate bilateral engagement.

The Brazilian president arrived with a large delegation on Wednesday and is set to depart on Sunday. His team includes top CEOs of leading Brazilian companies, many of whom are expected to participate in a Business Forum aimed at exploring fresh investment and partnership opportunities.