India and Brazil have pledged to elevate their bilateral trade beyond 20 billion USD within the next five years, as announced by Prime Minister Narendra Modi during a joint news conference in New Delhi on Saturday.

The commitment came amid a state visit by Brazilian President Luiz Inacio Lula da Silva, who arrived with a substantial business delegation comprising top CEOs from Brazilian firms.

Prime Minister Modi hosted the conference alongside President Lula, emphasising discussions across all sectors driven by a shared purpose to advance India-Brazil relations.

Modi expressed delight in welcoming President Lula and his delegation, crediting the Brazilian leader's visionary approach for bolstering ties between the two nations over recent years.

He highlighted multiple personal meetings with Lula, each reinforcing deep friendship and trust towards India.

President Lula's participation in the Global AI Impact Summit lent historic significance to his visit, injecting fresh momentum into the strategic partnership.

Modi extended gratitude for Lula's friendship and steadfast commitment to bilateral relations.

Brazil stands as India's foremost trading partner in Latin America, a fact underscored by the accompanying large business delegation.

This delegation signals robust confidence in economic prospects, with Modi noting that expanding the India-MERCOSUR trade agreement will amplify cooperation further.

Bilateral trade transcends mere figures, Modi stated; it embodies mutual trust between the nations.

Cooperation in technology and innovation holds vital importance not only for India and Brazil but for the entire Global South.

Both leaders expressed pleasure in advancing a Centre of Excellence for Digital Public Infrastructure in Brazil.

Priorities include collaboration in artificial intelligence, supercomputers, semiconductors, and blockchain, ensuring technology remains inclusive and fosters shared progress.

Energy cooperation forms a sturdy pillar of relations, extending beyond hydrocarbons to renewables, ethanol blending, and sustainable aviation fuel.

Brazil's engagement in the Global Biofuel Alliance mirrors their joint dedication to a greener future.

President Lula proposed that Brazil co-chair the Coalition for Disaster Resilient Infrastructure (CDRI), an initiative Modi congratulated him on, citing Brazil's rich expertise.

Prior to the news conference, Modi and Lula conducted delegation-level talks attended by key Indian figures.

These included External Affairs Minister S Jaishankar, Union Commerce and Industry Minister Piyush Goyal, National Security Advisor Ajit Doval, Minister of State for External Affairs Pabitra Margherita, Foreign Secretary Vikram Misri, and MEA Spokesperson Randhir Jaiswal.

Earlier, a ceremonial welcome unfolded at Rashtrapati Bhavan's forecourt for President Lula.

He received a Guard of Honour and was greeted by Prime Minister Modi and President Droupadi Murmu.

Lula also paid respects to Mahatma Gandhi at Rajghat.

This visit reciprocates Prime Minister Modi's trip to Brasilia in July 2025, the first by an Indian prime minister in over half a century. The Brazilian delegation's CEOs are set to engage in a Business Forum, promising enhanced commercial linkages.

ANI