India and Brazil have reaffirmed their strategic partnership during Prime Minister Modi’s state visit, setting an ambitious goal of achieving US$ 20 billion in bilateral trade over the next five years. Discussions between PM Modi and President Lula spanned key sectors including defence, climate action, digital transformation, pharmaceuticals, and critical minerals. India’s exports to Brazil stood at US$ 6.54 billion in 2024, led by chemical products, fuels, and engineering goods. The two nations signed multiple MoUs, with a shared focus on economic diversification, sustainability, and South-South cooperation.
Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva have set an ambitious target of achieving US$ 20 billion in bilateral trade over the next five years, recognising the untapped potential to diversify and deepen trade ties, the Ministry of External Affairs (MEA) said.
At a special briefing in Brasilia, MEA Secretary (East) P. Kumaran noted that PM Modi’s State visit covered the “entire spectrum of the partnership“. Discussions between the two leaders focused on a wide array of areas, including defence and security, agriculture, food and nutritional security, energy transformation and climate change, digital transformation, artificial intelligence, and emerging technologies.
“The two leaders noted that ample opportunities lie ahead for diversifying and expanding bilateral trade… They also decided to elevate the level of trade talks and establish a ministerial-level mechanism for monitoring trade, commerce and investment-related matters,” the MEA stated.
India’s exports to Brazil stood at US$ 6.54 billion in 2024, reflecting strong trade momentum despite a marginal dip from 2023. Over the past five years, Indian exports to Brazil have nearly doubled—from US$ 3.67 billion in 2020 to a peak of US$ 9.72 billion in 2022—before stabilizing at around US$ 6.5–6.6 billion in recent years.
In 2024, India’s top export items to Brazil were led by miscellaneous chemical products (US$ 1.08 billion), followed by mineral fuels and oils, organic chemicals, and nuclear reactors and mechanical appliances. Other key export categories included automobile components, pharmaceutical products, rubber, electrical machinery, iron and steel, and man-made textile materials, showcasing the growing complexity and technological depth of India’s export basket.
PM Modi also sought Brazil’s support in expanding the India-MERCOSUR trade agreement, especially in light of Brazil’s current pro-tempore presidency. “PM requested the support of Brazil in expanding the India-Mercosur trade agreement… President Lula conveyed Brazil’s support towards expansion… and instructed his team to work towards such expansion,” Kumaran added.
Upon arrival, PM Modi was accorded a ceremonial welcome at Palacio de Alvarada. The two sides explored collaboration across several priority sectors, including critical minerals, bioenergy, digital public infrastructure, traditional medicine, science and technology, and space cooperation. “It includes defence and security, critical minerals, oil and gas, pharmaceutical industry, tourism and digital public infrastructure,” Kumaran noted.
On climate cooperation, he added, “Highlighting the global challenge of climate change, both leaders reiterated their commitment to work together towards climate action and sustainability. Prime Minister reaffirmed India’s support and wished President Lula success in holding the forthcoming COP30 climate change conference in Brazil.“
India and Brazil also identified strong complementarities in the field of critical minerals. “Brazil’s rich reserves of critical minerals… aligned with India’s need for secure and sustainable resources… Both leaders welcomed possible opportunities for collaboration in the area of mining, processing and refining of critical minerals.“
Kumaran further highlighted India’s proposal to deepen cooperation in agriculture, healthcare, and technology exchange. “Both leaders also acknowledged the importance of the agriculture sector… The Prime Minister proposed enhanced collaboration in sharing knowledge, best practices and technology transfer… Other areas… include health and pharmaceutical sectors… India’s request for fast-tracking approval… for medicines that have been already approved by the US FDA or the European Directive…“
“The Indian side mentioned that this can result in cost-effective medical products in the Brazilian market… There was also discussion on collaboration in the area of digitalization… enhancing people-to-people relations… and cooperation in the area of sports…“
Following the talks, both countries signed three MoUs covering counter-terrorism, digital transformation, and renewable energy. Additional agreements—on agricultural research, classified information exchange, and intellectual property—were also scheduled for signing. President Lula conferred the Grand Collar of the National Order of the Southern Cross on PM Modi, who dedicated the honour to the Indian people and the enduring friendship between the two nations.
A banquet lunch hosted by President Lula offered space for both leaders to exchange views on regional and multilateral issues, particularly regarding the Global South. “It was followed by a joint press statement… Over lunch, the two leaders exchanged views on regional and multilateral issues… especially on issues concerning the Global South… on global platforms… such as BRICS, G20, IPSA, and also the UN.”
The Prime Minister invited President Lula to pay a visit to India, and the invitation was generously accepted by President Lula.
