India and Brazil Aim to Boost Trade to $20 Billion by 2030 Amid Global Economic Challenges
India and Brazil are aiming to increase bilateral trade to $20 billion by 2030, as discussed by Prime Minister Narendra Modi and President Luiz Inacio Lula da Silva during the World Economic Forum in Davos. The leaders highlighted cooperation in sectors such as trade, energy, technology, and defense, and announced plans for Lula's state visit to New Delhi in February 2026, coinciding with the 75th anniversary of diplomatic relations. Current trade is at $12 billion, with both nations exploring the expansion of the India-MERCOSUR Preferential Trade Agreement and enhancing business travel through 10-year visitor visas.
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Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva discussed enhancing the India-Brazil Strategic Partnership on January 23, 2026, during the World Economic Forum in Davos. The leaders aim to increase bilateral trade to $20 billion by 2030, responding to recent U.S. tariffs on their goods.
Lula plans a state visit to New Delhi from February 19 to 21, 2026, coinciding with the 75th anniversary of diplomatic relations. Both nations are focusing on sectors such as trade, energy, technology, and defense.
Current trade stands at $12 billion, with key exports from India including pharmaceuticals and IT services, while Brazil supplies crude oil and agricultural products. They are also exploring the expansion of the India-MERCOSUR Preferential Trade Agreement and have introduced 10-year visitor visas to facilitate business travel. Energy security and defense cooperation are also priorities, with plans for joint UAV development and a biofuel research hub.
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