News Desk: Prime Minister Narendra Modi has set an ambitious target to boost India-Brazil bilateral trade from the current $12.2 billion to $20 billion by 2030. Addressing a joint press conference alongside Brazilian President Luiz Inácio Lula da Silva during his state visit to Brazil, PM Modi emphasized deepening cooperation across key sectors and expanding trade frameworks.
Highlighting the need to enhance market access, Modi announced that both countries will work to broaden the scope of the Mercosur preferential trade agreement, which links Brazil with Argentina, Paraguay, and Uruguay. The expanded pact aims to cover more goods and improve the trade environment for Indian exporters.
In a major digital push, PM Modi also unveiled plans to introduce India’s Unified Payments Interface (UPI) system in Brazil, marking a significant step towards digital financial collaboration.
The bilateral meeting with my good friend President Lula will invigorate India-Brazil ties. We’ve set an ambitious trade target of USD 20 billion over the coming five years. This will boost economic linkages. Equally important were the discussions on strengthening…
— Narendra Modi (@narendramodi) July 8, 2025
Key sectors identified for expanded cooperation include agriculture, agri-tech, food processing, digital public infrastructure, and space technology. Modi particularly underscored the potential of value-added food exports and Indian pharmaceutical products, with Brazil expressing interest in giving wider access to cost-effective Indian drugs.
The Brazilian President welcomed Indian investment in Brazil’s critical mineral assets, especially in rare earth minerals, suggesting policy incentives and potential joint ventures. Proposals were also discussed for visa liberalisation for Indian business and leisure travellers.
During the bilateral discussions, three Memorandums of Understanding (MoUs) were signed on:
Sharing intelligence on terrorism and transnational crime
Cooperation in biofuels, including ethanol blending
Collaboration on renewable energy
Three additional MoUs — on agriculture research, classified information exchange, and intellectual property cooperation — are expected to be signed soon.
In a significant gesture, President Lula da Silva conferred on Prime Minister Modi Brazil’s highest civilian honour, the Grand Collar of the National Order of the Southern Cross, acknowledging his leadership in strengthening India-Brazil ties and global cooperation.
