India, Brazil set bilateral trade target of over $20 billion in five years

India and Brazil on Saturday (February 21, 2026) set a bilateral trade target of more than $20 billion in the next five years, after Prime Minister Narendra Modi held wide-ranging talks with Brazilian President Luiz Inacio Lula Da Silva, focussing in the areas of critical minerals and security.

Mr. Modi said the relations between India and Brazil have long benefitted from President Lula’s visionary outlook and inspiring leadership.

He also noted that Brazil is India’s largest trade partner in Latin America.

“We are committed to taking the India-Brazil trade beyond USD 20 billion in the next five years,” the Prime Minister said in his media statement after the talks.

He asserted that when India and Brazil work together, the voice of the Global South becomes stronger.

Also read| India and Brazil cannot remain distant: President Lula

Mr. Modi also said both countries agree that terrorism and its supporters are enemies of the entire humanity.

Lula on Brazil-India bilateral relations

Brazilian President Lula said, “Prime Minister Modi and I talked at length about how we can persevere on the path to peace. There is no possibility of having a fair, sustainable development in a conflicted world. As stated by Prime Minister Modi at the BRICS Summit in Rio de Janeiro, it is impossible for us to run a 21st century software in old typewriters from the 20th century. We emphasise our commitment to the UN reform, particularly of the Security Council, so that it may represent the interests of the Global South and that have Brazil and India as natural candidates”

Condemning terrorism Mr. Lula said, “Brazil has repudiated the attacks in Kashmir, terrorism is not associated with any religion or nationality…These are different phenomena and that should not be used as an excuse for intervention at the margin of international law. I reaffirm to Prime Minister Modi that Brazil is committed to maintaining South America as a zone of peace”

Mr. Lula added, “I would like to finish by saying to you, sir, that I am completely sure that the eyes of Brazil towards India are very hopeful…If we work together, we are going to strengthen Brazil-India bilateral relations…We’re going to strengthen the global South so that we never ever again are faced with a cold war between you two big superpowers.”