India-Brazil committed to take trade beyond 20 billion USD in next 5 years: PM Modi

New Delhi [India], February 21 (ANI): Prime Minister Narendra Modi on Saturday held a joint news conference with Brazilian President Lula here in the national capital and noted that the discussions between the two leaders aimed at moving forward across all sectors in the spirit of shared purpose and that the nations are committed for bilateral trade to surpass 20 billion USD in the next five years.
He thanked the Brazilian President for his participation in the Global AI Impact Summit, and also praised his visionary leadership in giving a fillip to India-Brazil ties.
"I am delighted to welcome President Lula and his delegation to India. India-Brazil relations have long benefited from President Lula's vision and inspiring leadership. Over the past few years, I have had the privilege of meeting him several times, and in each meeting, I have felt his deep friendship and trust in India. President Lula's visit has graced the historic AI Impact Summit and given new energy to our strategic partnership. I express my gratitude to the President for his friendship and commitment to the relationship between our two countries," PM Modi said
Prime Minister Narendra Modi noted that Brazil is India's largest trade partner in Latin America. He further highlighted that the visit of the large business delegation from Brazil is a commitment to this fact and noted that with expansion of India-MERCOSUR trade agreement the economic cooperation will further increase between the two countries.
"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. The large business delegation accompanying the President reflects this confidence. The expansion of the India-Mercosur trade agreement will further strengthen our economic cooperation. Our cooperation in technology and innovation is important for both countries as well as the entire Global South," the PM said.
"I am pleased that we are working on establishing a Centre of Excellence for Digital Public Infrastructure in Brazil. We are also prioritising our cooperation in areas such as artificial intelligence, supercomputers, semiconductors, and blockchain. Both countries believe that technology must be inclusive and must become a bridge for shared progress. Energy cooperation has been a strong pillar of our relationship. In addition to hydrocarbons, we are also accelerating cooperation in several areas, including renewable energy, ethanol blending, and sustainable aviation fuel. Brazil's active participation in the Global Biofuel Alliance reflects our shared commitment to a green future. Brazil has also proposed co-chairing the Coalition for Disaster Resilient Infrastructure. I congratulate President Lula for this initiative. Brazil's extensive experience in this area will significantly contribute to further strengthening the CDRI," he added.
Earlier, Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva also held delegation-level talks.
External Affairs Minister S Jaishankar, Union Commerce and Industry Minister Piyush Goyal, National Security Advisor Ajit Doval, MoS MEA Pabitra Margherita, Foreign Secretary Vikram Misri and MEA Spokesperson Randhir Jaiswal were among those present during the talks.
Prior to that, a ceremonial welcome was held on Saturday at the forecourt of Rashtrapati Bhavan for Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to India. President Lula was accorded the Guard of Honour at the Rashtrapati Bhavan. The Brazilian President was received at the Rashtrapati Bhavan by PM Modi and President Droupadi Murmu. He also paid tributes to Mahatma Gandhi at Rajghat.
Lula's visit to India follows a July 2025 visit to Brasilia by Prime Minister Narendra Modi, the first by an Indian prime minister in more than 50 years.
The Brazilian President has arrived in India with large delegation of top CEOs of Brazilian companies. The CEOs are expected to participate in a Business Forum. (ANI)