Prime Minister Narendra Modi on Saturday held bilateral talks with Brazilian President Luiz Incio Lula da Silva in New Delhi, aiming to strengthen multifaceted cooperation between the two key nations of the Global South. The Prime Minister described the relationship as a “win-win” partnership and said India is looking to expand bilateral trade beyond USD 20 billion over the next five years.
"In our discussions today, we deliberated on advancing in every sector with a shared purpose and shared aspirations. Brazil is India’s largest trade partner in Latin America. We are committed to taking our bilateral trade beyond USD 20 billion in the next five years. Our trade is not merely a number; it is a reflection of trust," the Prime Minister said after the talks.
The Prime Minister said the discussions covered collaboration across sectors with shared goals and aspirations, adding that cooperation in technology and innovation would have significance not only for India and Brazil but also for the wider Global South.
He added, "The agreement reached on critical minerals and rare earths is a major step in building a resilient supply chain. Our cooperation in the defence sector is also steadily growing. This is a great example of mutual trust and strategic alignment. We will continue to strengthen this win-win partnership".
Further highlighting outcomes of the talks, he also pointed to expanding defence cooperation, describing it as a reflection of deepening strategic alignment and mutual confidence between the two countries.
The Prime Minister added there was significant potential for collaboration in healthcare and pharmaceuticals. India, he said, would work to increase the supply of affordable, high-quality medicines to Brazil, while also promoting Ayurveda and traditional medicine to support holistic healthcare approaches.
He asserted that as vibrant and influential democracies, India and Brazil would continue to work together to advance the priorities and aspirations of the Global South on the global stage.
President Lula also underscored the importance of bilateral relations, saying the two countries were “not just the two biggest democracies of the Global South,” but also described the partnership as “a meeting of the world’s pharmacy with the world’s barn, and a digital superpower with a renewable energy superpower”.
"We are both mega-diverse countries and hubs of the cultural industry, and we both defend multilateralism and peace. The invitation by Prime Minister Modi for this state visit, and also to attend the AI Impact Summit, shows the synchrony and mutual trust that bind us together," he added.
Talking exclusively to India Today on Friday, Lula, said India and Brazil can trade in their own currencies and do not need to rely on the US dollar for bilateral deals but cautioned that any shift away from the dollar-dominated global system will take time and careful planning.
PM Modi also noted that the relations between India and Brazil have long benefitted from President Lula's visionary outlook and inspiring leadership.
The ties are anchored in shared democratic values, a common global outlook, and a commitment to inclusive economic growth. The two countries cooperate closely in plurilateral and multilateral forums, including BRICS, IBSA, G20, G-4, the International Solar Alliance, and the UN system.
During Prime Minister Narendra Modi’s State Visit to Braslia in July 2025, both sides agreed to establish a Trade Minister-level review mechanism and set an ambitious bilateral trade target of USD 20 billion by 2030. High-level engagements have remained frequent, including leadership meetings on the sidelines of global summits, ministerial interactions, and regular institutional dialogues across sectors.
Economic ties have shown strong growth, with bilateral trade reaching USD 15.21 billion in 2025, alongside over USD 15 billion in Indian investments in Brazil. Energy cooperation remains a cornerstone, with Brazil emerging as a key partner in hydrocarbons and biofuels, including as a co-founder of the Global Biofuel Alliance.
Collaboration is also expanding in digital technology, AI, semiconductors, and payment systems through the IndiaStack framework. Capacity-building initiatives, scholarships, and training programmes continue to support people-to-people links, complemented by a small but influential Indian diaspora of around 4,000 professionals and businesspersons concentrated in major Brazilian cities.
