India and Brazil on Saturday agreed to significantly raise their bilateral trade target to $30 billion by 2030, revising the earlier goal of $20 billion.
Meanwhile, Both countries signed agreements for cooperation in critical minerals and the steel supply chain as talks between PM Modi and President Lula da Silva focused on strengthening multilateralism in an era of turbulence and uncertainty.
Lula noted that India’s strengths in information technology, artificial intelligence, biotechnology and the space sector have opened up fresh avenues for collaboration. “This translates our commitment with an agenda that places technology in service of inclusive development. Increasing investments and cooperation in renewable energy and critical minerals is at the core of the pioneering agreement that we have signed today,” he said.
Secretary (East) in the Ministry of External Affairs, P Kumaran, said the decision was taken during the visit of Brazilian President Luiz Inácio Lula da Silva to India, where he underscored that the previous target did not adequately reflect the potential of the economic partnership.
Speaking at a Special Briefing organised by the Ministry of External Affairs on the State visit of the President of Brazil to India, Kumaran said that Silva believed the earlier trade target was not ambitious enough and therefore suggested setting a higher goal.
“We had set a target during PM’s visit to Brazil for increasing bilateral trade from USD 15 billion to 20 billion by 2030. But President Lula today mentioned to the PM that 20 billion doesn’t seem ambitious enough and that we should therefore try and target something higher, like 30 billion by 2030. And he said with the kind of excitement and interest there is on both sides. He said I have brought 11 ministers with 300 businessmen, which shows the kind of commitment there is to enhancing India-Brazil trade and investment. So he said our ambition should be much bigger,” he said.
The two nations are seeking to deepen collaboration across a wide range of sectors, including oil and gas, renewable energy, the launch of Brazilian satellites and joint satellite development, biofuels and sustainable aviation fuel, agriculture and livestock, healthcare, as well as Yoga.
“You know the number of areas identified is in great detail in the joint statement. I would, for example, name the energy oil and gas sector, space opportunities to launch Brazilian satellites, work together to build satellites, there is a lot of cooperation possible in the area of bio energy, biofuels, sustainable aviation fuel, green economy, agriculture and livestock, healthcare, and traditional medicine. Yoga is also a subject of great interest in Brazil,” Kumaran said.
In addition to the memorandums of understanding on cooperation in rare earth and critical minerals, as well as mining for the steel supply chain, India and Brazil finalised a joint action plan on a Digital Partnership for the Future. The two sides also concluded agreements covering collaboration in the coastal sector, MSME entrepreneurship and crafts, and signed an MoU between Brazil’s Health Regulatory Agency and India’s Central Drugs Standard Control Organisation.
The initiative is expected to further reinforce India-Brazil relations and contribute to broader economic expansion.
Brazilian President Luiz Inácio Lula da Silva arrived in India on February 18, 2026, and took part in the India AI Impact Summit from February 19 to 20.
On Saturday, he received a ceremonial welcome in the forecourt of Rashtrapati Bhavan. Accompanied by 11 ministers, he later held discussions with the Prime Minister and his delegation at Hyderabad House. This marks President Lula’s fifth visit to India in his capacity as President of Brazil and comes seven months after the Prime Minister’s State visit to Brasília on July 8, 2025.
