Prime Minister Narendra Modi concluded his two-day visit to Brazil with several key strategic outcomes, including a target to nearly double bilateral trade to $20 billion over the next five years.
“In today’s discussions, we talked about strengthening cooperation in every field. We have set a target to take bilateral trade to $20 billion in the coming five years,” Modi said at a joint media interaction with Lula.
In talks with President Luiz Inácio Lula da Silva, both leaders discussed expanding cooperation in areas such as defence, trade, technology, critical minerals, and counter-terrorism, according to government sources.
A ministerial-level body will be created to guide future discussions on commerce and trade. PM Modi also urged President Luiz Inácio Lula da Silva to back the expansion of the India-MERCOSUR Preferential Trade Agreement (PTA) - a proposal Lula directed his team to prioritise, acknowledging its mutual advantages.
During their meeting, the leaders reiterated a “zero tolerance” stance against terrorism and condemned both terror acts and those who aid them. Modi travelled to Brasilia for the bilateral meeting with Lula following the BRICS Summit in Rio de Janeiro.
Six agreements were signed between the two nations, including one on countering international terrorism and transnational organised crime, and another on the mutual exchange and protection of classified information. Additional memorandums of understanding (MoUs) were inked for cooperation in renewable energy, digital transformation, intellectual property, and agricultural research.
PM Modi also pointed to growing cooperation in energy and said the environment and clean energy are key priorities of both countries. “The growing cooperation in the field of defence is a symbol of our deep mutual trust. We will continue our efforts to connect our defence industries,” he said.
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