NEW DELHI, Feb 21 — Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva agreed on Saturday to double bilateral trade to $30 billion by 2030, signing landmark agreements on critical minerals and steel supply chains. The meeting focused on building resilient economic ties and strengthening multilateral cooperation during a period of global trade uncertainty.
President Lula, accompanied by a 300-member business delegation, arrived in India six months after signaling a move to bolster South-South cooperation following the imposition of significant U.S. tariffs. Both nations had previously faced 50 percent levies under the Trump administration. Prime Minister Modi stated that Brazil is now India’s largest trading partner in Latin America, noting that two-way trade exceeded $15 billion for the first time in 2025.
“Our trade is not just a figure, it’s a reflection of trust,” Modi declared during a joint press interaction. He described the new pact on rare earths as a “major step” toward reducing dependence on single-source suppliers and securing raw materials for India’s expanding infrastructure. Brazil, a leading producer of iron ore, is expected to become a key partner in India’s mining and steel sectors.
The leaders also discussed the implications of the U.S. Supreme Court’s recent decision to strike down sweeping presidential tariffs. External Affairs Ministry Secretary (East) P. Kumaran stated that both sides intend to study the legal development and monitor further actions from the U.S. administration.
President Lula affirmed that India’s expertise in AI, biotechnology, and space presents fresh avenues for partnership. He characterized the agreement as a commitment to placing technology at the service of inclusive development. “This is a meeting of a digital superpower with a renewable energy superpower,” Lula added, emphasizing their shared role in the Global South.
In addition to mining, the two nations explored deeper ties in defense and healthcare. Discussions included a tripartite agreement for the maintenance of French-origin Scorpene submarines and a call for Brazilian aviation firm Embraer to establish maintenance facilities in India. Prime Minister Modi also committed to increasing the supply of affordable, high-quality generic medicines to Brazil to ensure “health sovereignty.”
