India and Brazil Aim for $30 Billion Trade by 2030, Sign Key Mineral and Energy Agreements

New Delhi | 21 Feb 2026 India and Brazil have agreed to significantly strengthen their economic partnership by setting a new target of $30 billion in bilateral trade by 2030. The decision was taken during talks between Narendra Modi and Brazil’s President Luiz Inacio Lula da Silva in New Delhi. Along with the trade goal, the two countries signed important agreements to cooperate in critical minerals, rare earths and the steel supply chain, reflecting a shared push to build resilient and reliable global supply networks. Addressing the media after the meeting, Prime Minister Modi said, “Brazil is India’s largest trading partner in Latin America. We are committed to taking bilateral trade beyond $20 billion in the next five years. Our trade is not just a figure, it’s a reflection of trust.” Officials later confirmed that the leaders agreed to further raise the target to $30 billion by 2030, especially after two-way trade crossed $15 billion in 2025 for the first time. President Lula highlighted the scope for deeper cooperation, especially in technology and clean energy. He said, “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.” Modi described the rare earths agreement as a “major step” towards secure supply chains and added that defence cooperation between the two nations is steadily growing. Beyond trade and minerals, the talks covered defence, healthcare, digital public infrastructure and global issues. Modi said India and Brazil will work together to improve access to affordable medicines, while Lula noted that both countries have long supported “equal access to medicines” globally. On the international stage, both leaders stressed the importance of multilateralism, with Modi stating that India and Brazil will continue to represent the interests of the Global South, and Lula calling their partnership one that supports a more just and peaceful world order. India and Brazil Aim for $30 Billion Trade by 2030, Sign Key Mineral and Energy Agreements India and Brazil have agreed to significantly strengthen their economic partnership by setting a new target of $30 billion in bilateral trade by 2030. The decision was taken during talks between Narendra Modi and Brazil’s President Luiz Inacio Lula da Silva in New Delhi. Along with the trade goal, the two countries signed important agreements to cooperate in critical minerals, rare earths and the steel supply chain, reflecting a shared push to build resilient and reliable global supply networks. Addressing the media after the meeting, Prime Minister Modi said, “Brazil is India’s largest trading partner in Latin America. We are committed to taking bilateral trade beyond $20 billion in the next five years. Our trade is not just a figure, it’s a reflection of trust.” Officials later confirmed that the leaders agreed to further raise the target to $30 billion by 2030, especially after two-way trade crossed $15 billion in 2025 for the first time. President Lula highlighted the scope for deeper cooperation, especially in technology and clean energy. He said, “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.” Modi described the rare earths agreement as a “major step” towards secure supply chains and added that defence cooperation between the two nations is steadily growing. Beyond trade and minerals, the talks covered defence, healthcare, digital public infrastructure and global issues. Modi said India and Brazil will work together to improve access to affordable medicines, while Lula noted that both countries have long supported “equal access to medicines” globally. On the international stage, both leaders stressed the importance of multilateralism, with Modi stating that India and Brazil will continue to represent the interests of the Global South, and Lula calling their partnership one that supports a more just and peaceful world order.