India and Brazil Aim to Boost Trade to $20 Billion by 2030 Amid Global Economic Challenges
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.
