India, Brazil set bilateral trade target of over $20 billion in five years

India and Brazil on Saturday, February 21, 2026, set a bilateral trade target of over $20 billion over the next five years, following Prime Minister Narendra Modi’s wide-ranging talks with Brazilian President Luiz Inacio Lula Da Silva focusing on critical minerals and security areas.

Mr. Modi said relations between India and Brazil have long benefited from President Lula’s visionary perspective and inspiring leadership.

He also noted that Brazil is India’s largest trading partner in Latin America.

“We are determined to increase India-Brazil trade to over $20 billion in the next five years,” the Prime Minister said in a press release after the talks.

He argued that the voice of the Global South will be strengthened when India and Brazil work together.

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Mr Modi also said that both countries agree that terrorism and its supporters are the enemies of all humanity.

Lula talked about Brazil-India bilateral relations

Brazilian President Lula said: “Prime Minister Modi and I have talked at length about how we can move decisively on the path to peace. It is impossible to have equitable, sustainable development in a world of conflict. As Prime Minister Modi stated at the BRICS Summit in Rio de Janeiro, it is impossible for us to run 21st century software on old 20th century typewriters. We express our commitment to UN reform, especially the Security Council, so that it can represent the country’s interests.” We emphasize that it is the Global South and natural candidates are Brazil and India.”

Condemning terrorism, Mr. Lula said, “Brazil has rejected the attacks in Kashmir, terrorism has no connection with any religion or nationality… These are different phenomena and should not be used as an excuse for intervention at the border of international law. I reaffirm to Prime Minister Modi that Brazil is determined to preserve South America as a zone of peace.”

Mr. Lula added, “I want to finish by telling you, sir, that I am fully confident that Brazil’s eyes towards India are very hopeful… If we work together, we will strengthen Brazil-India bilateral relations… We will strengthen the Global South so that we never again face a cold war between your two great superpowers.”