India and Brazil aim to increase their bilateral trade to USD 20 billion over the next five years, following discussions between Prime Minister Modi and President Lula.
India and Brazil on Saturday set a target to raise annual bilateral trade to USD 20 billion over the next five years and signed an agreement on cooperation in critical minerals following talks between Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva. The two leaders also pledged to expand cooperation in defence, energy, healthcare, digital public infrastructure and emerging technologies, while calling for stronger strategic coordination amid global geopolitical uncertainty.
“Brazil is India’s largest trading partner in Latin America. We are committed to taking the bilateral trade beyond USD 20 billion in the next five years. Our trade is not just a figure, it is a reflection of trust,” Modi said in a joint media statement.
India-Brazil trade stood at USD 12 billion in 2024-25, with Indian exports at USD 6.77 billion and imports from Brazil at USD 5.43 billion.
Modi said the agreement on critical minerals and rare earths would help build resilient supply chains. The two sides also adopted a joint declaration on digital partnership and signed memoranda of understanding covering mining, micro, small and medium enterprises, healthcare and traditional knowledge systems.
India is honoured to welcome President Lula and his delegation, which includes distinguished ministers and business leaders. India-Brazil relations have long benefited from President Lula’s vision and inspiring leadership. His presence at the AI Summit has also infused new energy… pic.twitter.com/jsVw3MJs8c
— Narendra Modi (@narendramodi) February 21, 2026
“Our cooperation in the field of defence is also continuously growing. This is a great example of mutual trust and strategic coordination. We will continue to strengthen this win-win partnership,” Modi said.
The prime minister added, “We believe that every problem must be resolved through dialogue and diplomacy. India and Brazil are unanimous that terrorism and its supporters are enemies of all humanity.”