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India and Brazil sign mining agreement; bilateral trade targets over $20 billion within five years.

Category: Blog

Time:2026-02-24

Last Saturday, India and Brazil signed a cooperation agreement on mining and minerals. Indian Prime Minister Narendra Modi plans to boost bilateral trade between the two countries to over 20 billion U.S. dollars within five years. This move is aimed at helping India meet its growing domestic demand for steel and supporting capacity expansion in the global competition for raw materials.
The agreement was signed in the presence of Prime Minister Modi and Brazilian President Luiz Inácio Lula da Silva, who arrived in New Delhi earlier last week for a three-day visit.
Brazil is one of the world’s major producers of iron ore and possesses substantial reserves of key minerals essential for steel production. According to a statement by the Indian government, deepening cooperation between the two countries is expected to help India secure the raw materials and technologies needed for the long-term growth of its steel industry.
The statement indicates that the cooperation between the two sides will focus on attracting investment in infrastructure projects within the exploration, mining, and steel industries. Currently, India’s steel production capacity has reached 218 million tons. Driven by infrastructure development and industrialization, domestic enterprises are expanding their output to meet growing demand.
During his meeting with the Brazilian delegation led by Lula, Modi stated that the talks focused on pathways to deepen the India-Brazil trade partnership. He emphasized that India is committed to boosting bilateral trade volume to well over 20 billion U.S. dollars in the next five years—currently, bilateral trade between the two countries stands at around 15 billion U.S. dollars.
Modi also pointed out that the two countries will engage in close cooperation in areas such as technology, innovation, digital public infrastructure, artificial intelligence, and semiconductors.
Since 2006, India and Brazil have established a strategic partnership, with cooperation spanning trade, defense, energy, agriculture, health, critical minerals, technology, and digital infrastructure. Brazil is India’s largest trading partner in the Latin America and Caribbean region, and the two countries maintain close collaboration on global issues such as UN reform, climate change, and counterterrorism.
Last Thursday, Lula advocated that Brazil and India conduct trade in their respective local currencies instead of settling in U.S. dollars. However, he denied speculation that the two BRICS member countries would jointly push for the creation of a common BRICS currency.

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India and Brazil sign mining agreement; bilateral trade targets over $20 billion within five years.

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