AMN / WEB DESK
Prime Minister Narendra Modi has set an ambitious goal to elevate bilateral trade between India and Brazil from the current $12.2 billion to $20 billion over the next five years. Speaking at a joint press conference with Brazilian President Luiz Inácio Lula da Silva in Brasília during his state visit, Mr Modi emphasized the commitment of both nations to strengthen economic ties.
A key highlight of the talks was the agreement to expand the scope of the Mercosur Preferential Trade Agreement to include a wider range of products and improve market access for Indian exporters. Mercosur is a regional economic bloc that includes Brazil, Argentina, Paraguay, and Uruguay.
Prime Minister Modi also announced India’s intention to introduce its Unified Payments Interface (UPI) system in Brazil, aiming to replicate the success of India’s robust digital payments infrastructure. He identified agriculture, food processing, digital public infrastructure, and space technology as key areas for enhanced collaboration. Agri-tech and value-added food exports were especially underscored as promising sectors for boosting trade.
In a significant honour, Prime Minister Modi was awarded Brazil’s highest civilian distinction—the Grand Collar of the National Order of the Southern Cross. President Lula presented the award in recognition of Mr Modi’s outstanding efforts in strengthening India-Brazil relations and promoting cooperation on global issues.
Following the bilateral talks, Secretary (East) in the Ministry of External Affairs, Periasamy Kumaran, briefed the media. He revealed that the Brazilian President welcomed greater access for affordable Indian pharmaceuticals in Brazil and expressed interest in Indian pharma companies setting up manufacturing facilities locally.
The two leaders also discussed easing visa regulations for Indian business travellers and tourists. Discussions were held around India’s access to Brazil’s critical mineral resources, with proposals including direct Indian investments or joint ventures. President Lula indicated that Brazil’s upcoming rare earth mineral policy would offer incentives for Indian businesses.
Three Memorandums of Understanding (MoUs) were signed during the visit: cooperation on intelligence sharing related to terrorism and transnational crime, collaboration in the field of biofuels—especially ethanol-blended fuels—and partnership in renewable energy.
Secretary Kumaran added that three additional MoUs are in the pipeline. These will focus on agricultural research, the exchange of classified information, and intellectual property cooperation.