Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva held a significant meeting at the Alvorada Palace in Brasilia, focusing on deepening and diversifying trade ties between India and Brazil.

Both leaders emphasised the immense potential for expanding bilateral economic cooperation and set an ambitious target to increase trade to USD 20 billion over the next five years.

During their talks, Modi and Lula agreed on the need to broaden the scope of trade beyond traditional sectors, identifying new areas for collaboration such as clean energy, sustainable development, climate change mitigation, defence, security, artificial intelligence, agriculture, space, semiconductors, and digital public infrastructure.

They also discussed expanding cooperation in health, pharmaceuticals, food and energy security, infrastructure development, and digital transformation.

To facilitate these goals, the leaders announced the establishment of a ministerial-level mechanism to monitor and advance trade, commerce, and investment matters. They also discussed strengthening the India-MERCOSUR Preferential Trade Agreement, with Brazil expressing support for its expansion, which is expected to benefit both sides.

Beyond economic issues, the meeting included discussions on enhancing people-to-people ties, particularly through sports and tourism, and cooperation in critical minerals, emerging technologies, and digital mobility. PM Modi also expressed gratitude for being conferred Brazil's highest civilian honour, the 'Grand Collar of the National Order of the Southern Cross,' dedicating it to the people of India and the enduring India-Brazil friendship.

The visit was marked by a ceremonial welcome for PM Modi, highlighting the warmth and strategic importance of the bilateral relationship. Both leaders reaffirmed their commitment to strengthening the multifaceted partnership, aiming for greater collaboration and mutual growth in the coming years.

Based On ANI Report