Brasilia, Brazil – July 12 – Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva have set an ambitious target to grow bilateral trade to $20 billion within the next five years, the Ministry of External Affairs (MEA) announced on Tuesday.
Speaking at a special briefing in Brasilia during PM Modi’s State visit to Brazil, MEA Secretary (East) P. Kumaran said the two leaders discussed the entire spectrum of the India-Brazil partnership, including defence and security, agriculture, food and nutritional security, energy transformation, climate change, digital transformation, artificial intelligence, and industrial cooperation.
“The leaders noted that ample opportunities lie ahead to diversify and expand bilateral trade. They agreed to establish a ministerial-level mechanism to monitor trade, commerce, and investment matters,” said Kumaran.
PM Modi also requested Brazil’s support in expanding the India–Mercosur trade agreement, citing potential mutual benefits. As the current pro tempore president of Mercosur, President Lula expressed full support and directed his team to pursue the expansion.
Modi, who was in Brazil after attending the BRICS Summit in Rio de Janeiro (July 6–7), was accorded a ceremonial welcome at the Palácio da Alvorada, the Brazilian President’s official residence. This marks his fourth visit to Brazil and only the second bilateral visit by an Indian Prime Minister in 57 years.
The two leaders held a restricted meeting followed by delegation-level talks, during which PM Modi thanked President Lula for the warm hospitality extended in both Brasilia and Rio.
Other areas of discussion included cooperation in critical minerals, oil and gas, bioenergy, pharmaceuticals, space, tourism, science and technology, digital public infrastructure, and traditional medicine.
On global issues, both leaders reaffirmed their commitment to climate action and sustainability. PM Modi extended his full support to President Lula in hosting the upcoming COP30 climate change conference in Brazil.
