They also committed to jointly presenting a stronger voice of the global south to pitch for United Nations reforms while reaffirming the target of surpassing $20 billion of bilateral trade over five years. The target, first announced during PM Modi’s visit to Brazil in 2025, signifies an increase of about a third from around $15 billion of bilateral trade last year. Modi and Lula directed their respective sides to work to eliminate non-tariff barriers in bilateral trade.
Nine MoUs Signed
This will help reduce obstacles and further promoting trade between the two countries—which are key members of the BRICS (Brazil, Russia, India, China and South Africa) grouping. Reaffirming defence as an integral pillar of the IndiaBrazil Strategic Partnership, the leaders underscored the potential for co-design and co-production by linking India’s Aatmanirbhar Bharat with Brazil’s defence industrial base. A total of nine memorandums of understanding (MoUs), including for digital infrastructure and micro, small and medium enterprises, were signed following the meeting.
‘Win-Win Partnership’
Addressing a joint press conference after delegation-level talks in Delhi, Modi and Lula underscored that the India-Brazil partnership extended beyond commerce to global governance, peace and multilateral reform. “The agreement reached on critical minerals and rare earths is a major step in building a resilient supply chain,” according to the Prime Minister Modi. “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.”
India and Brazil also signed an MoU to enhance cooperation in the field of mining and minerals related to the steel sector. Brazil is a major iron ore producer, with reserves of manganese, nickel and niobium. Modi said both countries were committed to expanding commercial ties. “Brazil is India’s largest trading partner in Latin America. We are committed to taking bilateral trade beyond $20 billion in the next five years. Our trade is not just a figure; it’s a reflection of trust,” he said.“The large business delegation accompanying the President reflects this confidence. The expansion of the India-MERCOSUR (Southern Common Market) 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.” Expressing similar views, President Lula said, “Prime Minister Modi and I talked at length about how we can persevere on the path to peace.
There is no possibility of having a fair, sustainable development in a conflicted world… We emphasise our commitment to the UN reform, particularly of the Security Council, so that it may represent the interests of the global south, which have Brazil and India as natural candidates.” The two leaders underscored the urgent need to strengthen multilateralism and revitalise dialogue and other mechanisms for the peaceful resolution of disputes.