India, Brazil set bilateral trade target of over $20 billion in 5 years

India and Brazil exchanged several agreements in different areas, including digital partnership, cooperation in rare earth and critical minerals, MSME, and the coastal sector. Prime Minister Narendra Modi and President of Brazil Luiz Inácio Lula da Silva on Saturday held bilateral talks in New Delhi. During the meeting, they reviewed the entire gamut of bilateral relations. The two leaders exchanged views on regional and global issues of mutual interest, including cooperation in multilateral fora, reformed multilateralism, global governance and issues concerning the Global South.
Modi said the relations between India and Brazil have long benefitted from President Lula's visionary outlook and inspiring leadership. 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 in his media statement after the talks. He asserted that when India and Brazil work together, the voice of the Global South becomes stronger.
The two countries share common views on various international issues, including UN reforms, climate change and combating terrorism. Both countries also enjoy excellent cooperation in plurilateral fora such as BRICS, IBSA, G20, G-4, the International Solar Alliance, the Global Biofuel Alliance, and the Coalition for Disaster Resilience Infrastructure, as well as in the larger multilateral bodies such as the UN, WTO, and UNESCO.