India and Brazil Set Ambitious USD 20 Billion Trade Target Amid Strengthened Relations

India and Brazil have set an ambitious goal to nearly double their bilateral trade to USD 20 billion annually within the next five years. This decision followed discussions between Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva. The two leaders also signed six agreements to enhance cooperation in various sectors, including energy and agriculture.

Modi emphasised that both nations share a common stance on terrorism, advocating for zero tolerance and opposing any double standards. "We strongly oppose terrorism and those who support terrorism," he stated. Agreements were signed to combat international terrorism and transnational organised crime, along with a pact on the exchange and mutual protection of classified information.

Focus on Energy and Agriculture Cooperation

The two countries are keen to expand their collaboration in renewable energy, digital transformation, intellectual property, and agricultural research. Modi highlighted the growing cooperation in energy as a priority for both nations, aiming to give new direction to their green goals. The current annual trade between India and Brazil stands at approximately USD 13 billion.

In addition to energy, the leaders discussed enhancing ties in agriculture. They plan to work together on agricultural research and food processing, while also expanding cooperation in health, particularly in Ayurveda and traditional medicine. Modi expressed optimism about connecting defence industries, reflecting deep mutual trust between the nations.

Strengthening Bilateral Relations

Modi expressed a desire for India-Brazil relations to be vibrant and engaging, akin to Brazil's carnival and football culture. He stressed the importance of facilitating people-to-people contacts, especially among tourists, students, sportspersons, and businessmen. Efforts will be made to ease visa processes to encourage such exchanges.

The leaders also discussed geopolitical developments, agreeing that disputes should be resolved through dialogue and diplomacy. Modi described the India-Brazil partnership as a pillar of stability and balance. Both countries are working on adopting India's Unified Payments Interface (UPI) in Brazil and enhancing cooperation in digital public infrastructure.

Global Cooperation and Future Prospects

India and Brazil's collaboration extends beyond bilateral interests; it is significant for the Global South and humanity at large. Modi emphasised their moral obligation to address global concerns at international forums. He noted that the world is experiencing tension and uncertainty, making such cooperation crucial.

In a social media post, Modi described his talks with Lula as fruitful, highlighting Lula's passion for India-Brazil friendship. They explored ways to deepen trade ties and diversify bilateral trade, recognising immense potential for growth in these areas.

The agreements signed during this visit are expected to strengthen ties between India and Brazil across multiple sectors. As both countries work towards their trade target, they aim to foster inclusive development through shared innovation.

With inputs from PTI