Picture Courtesy : DD News On Air/ Video Grab
India and Brazil has set an annual bilateral trade target of USD 30 billion by 2030 even as Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva discussed implications of the US Supreme Court striking down Trump administration’s reciprocal tariffs.
According to various media reports, Following wide-ranging talks between Modi and Lula, the two sides signed nine pacts including one on cooperation in areas of rare earth minerals and another on forging a futuristic digital partnership.
Secretary (East) in the Ministry of External Affairs P Kumaran said at a media briefing that there was a discussion between the two sides on US trade policy and the implications of the US supreme court judgement.
“Both leaders agreed that it is a rather new development that both sides need to study its implications and wait for further developments by the US administration,” he said.
“We will be essentially in wait and watch mode on how the administration responds to this judgement and whether any further steps are taken and to study the implications for our trade,” he said.
US President Donald Trump has imposed a new 10 per cent global tariff after the US Supreme Court struck down the reciprocal tariffs.
Kumaran said Modi and Lula agreed that the bilateral trade should be doubled to USD 30 billion by 2030.
In their talks, the two leaders vowed to shore up bilateral ties in a range of other sectors including defence, energy, healthcare and digital public infrastructure while emphasising on deeper India-Brazil strategic engagement to navigate the fragmented geopolitical environment.
Modi said India and Brazil are unanimous that terrorism and its supporters are “enemies” of humanity even as he noted that both sides agreed that reform of global institutions is essential to address the challenges facing the world.
Lula is in India on a five-day visit from February 18 primarily to attend the AI Impact Summit and hold talks with Modi.
“Brazil is India’s largest trading partner in Latin America…Our trade is not just a figure, it’s a reflection of trust,” Modi said in his media statement in presence of the Brazilian leader.
In 2024-25, India-Brazil trade volume reached USD 12 billion, with Indian exports amounting to USD 6.77 billion and imports from Brazil totaling USD 5.43 billion.
