India, Brazil Set Ambitious USD 20 Bn Trade Target Over Next 5 Years, Sign Six New Agreements To Boost Ties

New Delhi, July 9 (KNN) India and Brazil have set an ambitious target to nearly double bilateral trade to USD 20 billion over the next five years, marking a significant step toward strengthening strategic and economic ties. 

The announcement came following wide-ranging talks between Prime Minister Modi and Brazilian President Luiz Inacio Lula da Silva on Tuesday.

The two sides signed six agreements, including one focused on combating international terrorism and transnational organised crime, as well as another on the exchange and mutual protection of classified information. 

Additionally, they signed memorandums of understanding (MoUs) covering cooperation in renewable energy, digital transformation through large-scale solutions, intellectual property, and agricultural research.

In a joint media address, Prime Minister Modi underscored the shared stance of both nations on counter-terrorism. “We have a similar thinking on the fight against terrorism — zero tolerance and zero double standards. There is no place for double standards on terrorism,” he stated, adding that both sides “strongly oppose terrorism and those who support it.”

The visit, following the conclusion of the BRICS summit in Rio de Janeiro, highlighted growing convergence on a range of bilateral and global issues. 

Modi described the India-Brazil partnership as a key pillar of stability in global geopolitics, emphasising that “all disputes should be resolved through dialogue and diplomacy.”

Trade and economic engagement featured prominently in the talks. Current bilateral trade stands at approximately USD 13 billion, with both leaders expressing confidence in expanding this figure through enhanced cooperation. 

“We discussed strengthening ties in every field. The agreement to deepen energy collaboration will give new direction and momentum to our green goals,” Modi said.

Efforts are underway to facilitate the adoption of India’s Unified Payments Interface (UPI) in Brazil, further extending digital connectivity between the two countries.

Modi offered India’s experience in digital public infrastructure, space technology, artificial intelligence, and supercomputing, highlighting both countries’ shared commitment to ‘inclusive development and human-centric innovation’.

In agriculture, the two countries agreed to intensify collaboration in agricultural research and food processing, while also promoting Ayurveda and traditional medicine in Brazil. 

Health sector cooperation is set to be expanded under what Modi described as a ‘win-win’ partnership.

In a post on ‘X’, Prime Minister Modi described his discussions with President Lula as ‘fruitful’, noting the Brazilian leader’s enduring commitment to strengthening India-Brazil relations.

“Our discussions focused on enhancing trade ties and diversifying our bilateral exchange. We both agreed that there is significant potential for these partnerships to grow in the future,” Modi stated.

(KNN Bureau)