PM Modi Sets $20 Billion Trade Target with Brazil by 2030

During his historic State Visit to Brazil, Prime Minister Narendra Modi set an ambitious target to increase bilateral trade between India and Brazil from $12.2 billion to $20 billion within five years. Speaking at a Joint Press Conference with Brazilian President Luiz Inácio Lula da Silva, PM Modi emphasised enhanced cooperation across key sectors such as agriculture, digital infrastructure, and space technology.

In his statement, PM Modi proposed working closely to expand the Mercosur Preferential Trade Agreement, which currently includes Brazil, Argentina, Paraguay, and Uruguay. The goal is to cover more products and improve market access for Indian exporters.

Digital Cooperation: UPI in Brazil

Marking a new phase in digital diplomacy, PM Modi announced that India will enable the adoption of the Unified Payments Interface (UPI) in Brazil. This move reflects India’s intent to share its successful digital payment architecture with partner nations.

Focus Sectors for Bilateral Growth

The Prime Minister highlighted the following areas as priority sectors for deepened collaboration:

• Agri-tech and value-added food processing
• Digital public infrastructure
• Space technology
• Pharmaceuticals and healthcare
• Renewable energy and biofuels

President Lula welcomed the proposal to expand access to Indian pharmaceuticals and expressed openness to invite Indian pharma manufacturers to set up operations in Brazil.

Discussions also covered Indian access to Brazil’s critical mineral resources, including rare earth elements. India proposed direct investments or joint ventures to tap into these assets. President Lula mentioned Brazil is preparing a favourable policy for rare earth investment, with incentives for Indian investors.

Talks included a proposal for visa liberalisation for Indian businesspersons and tourists, aimed at improving two-way travel and trade connectivity.

PM Modi Conferred Brazil’s Highest Civilian Honour

In a gesture of deep diplomatic respect, President Lula da Silva conferred Brazil’s highest civilian award, the Grand Collar of the National Order of the Southern Cross, upon Prime Minister Modi. The honour recognises PM Modi’s efforts in strengthening India-Brazil relations and promoting cooperation across multilateral forums.

Bilateral Agreements Signed

According to Periasamy Kumaran, Secretary (East) in the Ministry of External Affairs, three Memorandums of Understanding (MoUs) were signed:

1. Intelligence sharing on terrorism and transnational crime
2. Cooperation on biofuels, including ethanol-blended fuels
3. Renewable energy partnerships

Three additional MoUs are set to follow soon:

• Agricultural research collaboration
• Exchange of classified information
• Intellectual Property cooperation

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