India & Brazil Forge Strong Trade Ties with USD 20B Target

India and Brazil have set an ambitious goal of nearly doubling their annual bilateral trade to USD 20 billion over the next five years, following comprehensive talks between Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva. The two leaders formalized six agreements spanning sectors such as energy, agriculture, and digital transformation.

The agreements included pacts to combat international terrorism and crimes, as well as sharing classified information. Also included were Memorandums of Understanding focused on renewable energy, intellectual property, and agricultural research. Modi emphasized shared objectives in energy and defense, reflecting a deepening mutual trust between the countries.

The discussions also addressed geopolitical stability and efforts to enhance people-to-people ties. Modi stressed the moral responsibility of both democratic nations to address Global South priorities at international platforms. Both leaders agreed on the need to broaden trade cooperation, especially in areas like digital infrastructure, health, and agriculture.

(With inputs from agencies.)