India and Brazil set $30 billion trade target by 2030; sign mineral, rare earth pact | India News

India and Brazil agreed on Saturday to significantly raise bilateral trade targets to $30 billion by 2030, revising the earlier target of $20 billion.

Meanwhile, during talks between Prime Minister Modi and President Lula da Silva focused on strengthening multilateralism in an era of turbulence and uncertainty, both countries signed agreements on cooperation in critical minerals and steel supply chain.

Lula noted that India’s strengths in information technology, artificial intelligence, biotechnology and space sectors have opened new avenues for cooperation. “This reflects our commitment to an agenda that puts technology at the service of inclusive development. Increasing investment and cooperation in renewable energy and critical minerals is at the core of the pioneering agreement we signed today,” he said.

P Kumaran, Eastern Secretary of the Ministry of Foreign Affairs, stated that the decision was taken during Brazilian President Luiz Inácio Lula da Silva’s visit to India and underlined that the previous target did not adequately reflect the potential of the economic partnership.

Speaking at the Special Briefing organized by the Ministry of External Affairs regarding the state visit of the Brazilian President to India, Kumaran said Silva believed that the earlier trade target was not ambitious enough and therefore suggested setting a higher target.

“During the Prime Minister’s visit to Brazil, we set a target to increase bilateral trade from 15 billion dollars to 20 billion dollars by 2030. However, President Lula told the Prime Minister today that 20 billion does not seem ambitious enough and therefore we should aim for a higher figure of 30 billion by 2030. He said this with great excitement and interest on both sides. He said that I brought 11 ministers along with 300 businessmen, which is an indication of what a great success.” “We are committed to increasing India-Brazil trade and investment, so our goal must be much bigger,” he said.

The two countries aim to deepen cooperation in a wide range of sectors, including oil and gas, renewable energy, Brazilian satellite launches and joint satellite development, biofuels and sustainable aviation fuel, agriculture and livestock, healthcare as well as Yoga.

“The number of areas identified is covered in great detail in the joint statement. You know, for example, I can list the energy, oil and gas sector, space opportunities to launch Brazilian satellites, working together to build satellites; a lot of cooperation is possible in bioenergy, biofuels, sustainable aviation fuel, green economy, agriculture and livestock, healthcare and traditional medicine. Yoga is also a topic of great interest in Brazil,” Kumaran said.

In addition to cooperation in rare earths and critical minerals, as well as memoranda of understanding on mining for the steel supply chain, India and Brazil have finalized a joint action plan on Digital Partnership for the Future. The two sides also signed agreements covering cooperation in the coastal sector, MSME entrepreneurship and craftsmanship, and signed a Memorandum of Understanding between the Brazilian Health Regulatory Authority and India’s Central Medicines Standard Control Organization.

The initiative is expected to further strengthen India-Brazil relations and contribute to broader economic growth.

Brazilian President Luiz Inácio Lula da Silva arrived in India on 18 February 2026 and attended the India AI Impact Summit from 19 to 20 February.

He was felicitated in the forecourt of Rashtrapati Bhavan on Saturday. 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.