India and Brazil on Saturday set a bilateral trade target of more than USD 20 billion in the next five years, after Prime Minister Narendra Modi held wide-ranging talks with Brazilian President Luiz Inacio Lula da Silva, focusing on areas including critical minerals and security.
Modi said relations between India and Brazil have long benefitted from President Lula's visionary outlook and inspiring leadership. He asserted that when India and Brazil work together, the voice of the Global South becomes stronger.
"India and Brazil's partnership on the global stage has been strong and influential. As democratic nations, we will continue to advance the priorities and aspirations of the Global South. When India and Brazil work together, the voice of the Global South becomes stronger and more confident," Modi said in his media statement after the talks.
He also noted that Brazil is India's largest trade partner in Latin America. "We are committed to taking the India-Brazil trade beyond USD 20 billion in the next five years," the prime minister said.
Modi also said both countries agree that terrorism and its supporters are enemies of all humanity.
"We believe that all problems must be resolved through dialogue and diplomacy. India and Brazil are unanimous that terrorism and its supporters are enemies of all humanity. We also agree that reform of global institutions is essential to address the challenges of our time. We will continue to work together in this direction," he said.
In his remarks, Modi noted that cooperation in areas such as climate-resilient agriculture, precision farming and biofertilisers would strengthen food security in both nations.
"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," Modi said.
"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.
Modi thanked Lula for his participation in the Global AI Impact Summit and praised his visionary leadership in giving a fillip to India-Brazil ties.
Earlier on Saturday, a ceremonial welcome was held at the forecourt of Rashtrapati Bhavan for the Brazilian President, who is on a state visit to India. Lula was accorded a Guard of Honour and was received by Modi and President Droupadi Murmu.
Lula also paid tributes to Mahatma Gandhi at Rajghat.
Lula's visit to India follows a July 2025 visit to Brasilia by Modi, the first by an Indian prime minister in more than 50 years. The Brazilian President has arrived in India with a large delegation of top executives from Brazilian companies, who are expected to participate in a business forum.
