India-Brazil Strategic Talks: Trade Target Doubled to $30 Billion by 2030

Kumaran, while speaking at the Special Briefing by MEA on State visit of President of Brazil to India, said that during the meeting at Hyderabad House, Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva exchanged views on bilateral, regional and global issues of mutual interest, including cooperation in multilateral fora. MEA's statement comes as India began the term of its BRICS presidency earlier in the year.

"India holds the presidency of BRICS this year and Brazil is an important strategic partner and a key member of BRICS. During the meeting today at Hyderabad House, PM and President Lula held bilateral conversations and exchanged views on bilateral, regional and global issues of mutual interest, including cooperation in multilateral fora, the need to reform global governance and matters of importance to the global south. Prime Minister Modi hosted a lunch in honour of the visiting dignitary. The state visit gave the leaders an opportunity to review the entire gamut of our partnership, including trade and investments, oil and gas, renewable energy, mining and critical minerals, defense and security, agriculture and livestock, healthcare and traditional medicine, tourism, space, science and technology, including digital public infrastructure, as well as people-to-people relations," he said.

"The visit is a significant milestone in India-Brazil strategic relations and would add renewed momentum to our strategic partnership elevated in 2006," Kumaran added.

Kumaran highlighted that India's trade with Brazil is the largest compared with any other country in South America.

"On the trade front, India's bilateral trade with Brazil is the largest compared to any other country in South America. It currently stands at USD 15.21 billion. In July 2025, the two leaders had set a bilateral trade target of $20 billion by 2030," he said.

"However, today the two leaders agreed that the trade should at least double to 30 billion by 2030. India enjoys a trade surplus of about $1.5 billion with Brazil with our exports totaling about $6.7 billion against imports of about $5.4 billion," he added.

The two leaders discussed ways to strengthen and diversify trade.

"During the meeting, the leaders also discussed ways to strengthen and diversify bilateral trade, including through expansion of the India Mercosur preferential trade agreement, which currently covers 450 tariff lines. India and Brazil along with other Mercosur countries have agreed to significantly and substantially expand the PTA," he said.

Kumaran further said that PM Modi and Silva discussed ways to address the relevant tariff and non-tariff barriers.

"Both leaders also discussed ways to facilitate market access and address the relevant tariff and non-tariff barriers. India and Brazil are strong and vocal proponents of south-south cooperation. Both countries collaborate closely across global platforms including in BRICS G20, IBSA and the United Nations. We also collaborate at members of G4 seeking comprehensive reform of the UN security council," he said.

"Several bilateral MoUs were signed. we have a full statement a joint statement which lists out the various agreements that were signed. Principally they relate to the MOUs between FICCI India and ApexBrasil between Whale Group and Tata Focus and Biocon Pharma and Unica Brazilian sugarcane industries association and Indian sugar and bio energy manufacturing association. President Lula also appreciated the revival of the business leaders forum and he also met with Indian business leaders," he added.

Kumaran added details of President Silva's previous visits to India.

"Brazil President Luiz Inacio Lula da Silva arrived in India on February 18, 2026. During the period February 19-20 participated in the India AI Impact Summit. Today, he was given a traditional welcome in the forecourt of Rashtrapati Bhavan. He, alongwith 11 ministers met the Prime Minister and his delegation at Hyderabad House. This is President Lula's fifth visit to India as President of Brazil. The visit comes seven months after the state visit of PM to Brasilia on July 8, 2025," he said.

"President Lula had earlier visited India in 2004 as guest of honour for the republic day, in 2007 and again in 2008 to attend the IBSAA Summit and in September 2023 for the G20 Summit. He also visited India in 2012 to receive the Indira Gandhi Prize for Peace, Disarmament and Development. But he did not hold office at that time," he added.

Official Spokesperson for the Ministry of External Affairs, Randhir Jaiswal said that the visit of Brazilian President Luiz Inacio Lula da Silva was 'filled with outcomes across all dimensions of partnership'.

The MEA said that the outcomes focus on rare earth minerals, cooperation in MSMEs and more.

- ANI