India and Brazil Forge Stronger Ties, Targeting $20 Billion in Trade

New Delhi – India and Brazil are strengthening their strategic and economic partnership, setting a target to exceed $20 billion in bilateral trade within the next five years. The commitment was made during a meeting between Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva in New Delhi on Saturday, February 21, 2026.

Boosting Trade and Strategic Cooperation

The leaders addressed a joint press conference, outlining plans to deepen cooperation across various sectors. PM Modi emphasized that the current trade volume is not merely a statistic, but “a reflection of trust” . Brazil currently stands as India’s largest trading partner in Latin America .

Key Agreements Signed

Three significant agreements were exchanged between the two nations, focusing on critical areas for future collaboration:

• MoU on Joint Declaration for Digital Partnership for the Future: This agreement aims to foster collaboration in the digital realm.
• MoU on cooperation in rare earths and critical minerals: Recognizing global supply chain concerns, this agreement is a major step towards building resilient supply chains .
• MoU on cooperation in mining and steel supply chains: This agreement seeks to strengthen cooperation in the mining sector.

Global South Cooperation and Shared Values

Both leaders highlighted the importance of their partnership on the global stage, particularly in amplifying the voice of the Global South. PM Modi stated that when India and Brazil collaborate, “the voice of the Global South becomes stronger and more confident” . They also reaffirmed their commitment to dialogue and diplomacy and a united front against terrorism .

Expanding Economic Ties

Discussions also centered on expanding the India–MERCOSUR trade agreement to further boost economic cooperation . Cooperation in climate-resilient agriculture, precision farming, and biofertilizers was also identified as a key area to enhance food security .

Focus on Emerging Technologies

The two sides also agreed to expand cooperation in emerging technology sectors .