Win-win collaboration: PM predicts bilateral commerce between Brazil and India will surpass $20 billion

The goal of Prime Minister Narendra Modi’s bilateral discussions with Brazilian President Luiz Incio Lula da Silva on Saturday in New Delhi was to enhance the two major Global South countries’ diverse collaboration. The prime minister called the collaboration a “win-win” one and stated that India hopes to increase bilateral trade to above USD 20 billion in 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.

According to the prime minister, the talks focused on cross-sector cooperation with common objectives and ambitions. He also mentioned that collaboration in technology and innovation will be important for the Global South as a whole, not just for Brazil and India.

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”.

He also highlighted the expansion of defense cooperation as a result of the discussions, characterizing it as a manifestation of the two nations’ growing mutual confidence and strategic alignment.  The prime minister went on to say that there was a lot of room for cooperation in the pharmaceutical and healthcare industries. In addition to promoting Ayurveda and traditional medicine to encourage holistic healthcare approaches, he stated that India would endeavor to expand the supply of reasonably priced, high-quality medications to Brazil.

He declared that Brazil and India, two dynamic and powerful democracies, will keep collaborating to promote the goals and objectives of the Global South on the international scene. 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.

PM Modi added that President Lula’s inspired leadership and forward-thinking approach have long benefited India-Brazil relations.  The connections are based on a dedication to equitable economic growth, a shared global perspective, and democratic principles. The two nations collaborate closely in a number of plurilateral and multilateral organizations, such as the UN system, BRICS, IBSA, G20, G-4, and the International Solar Alliance.

Both parties decided to set an ambitious bilateral trade objective of USD 20 billion by 2030 and create a review mechanism at the Trade Minister level during Prime Minister Narendra Modi’s State Visit to Braslia in July 2025. Ministerial contacts and leadership meetings held on the fringes of international summits are examples of the continued frequency of high-level engagements.

With bilateral trade reaching USD 15.21 billion in 2025 and over USD 15 billion in Indian investments in Brazil, economic connections have grown significantly. With Brazil growing as a major partner in hydrocarbons and biofuels, notably as a co-founder of the Global Biofuel Alliance, energy cooperation continues to be a cornerstone.

Through the IndiaStack framework, cooperation is also growing in the fields of digital technology, artificial intelligence, semiconductors, and payment systems. In addition to a small but significant Indian diaspora of about 4,000 professionals and businesspeople based in major Brazilian cities, capacity-building initiatives, scholarships, and training programs continue to foster people-to-people connections.