Brazilian President Luiz Inacio Lula da Silva on Tuesday emphasized that stronger economic ties are crucial to deepening the strategic partnership between India and Brazil. The remarks came following his meeting with Indian Prime Minister Narendra Modi in Brasilia during the latter’s state visit.

“Our current trade flow of $12 billion does not reflect the potential of our economies. Twenty years ago, we aimed for $15 billion, and now we’re determined to triple that in the short term,” Lula wrote on X.

President Lula noted that since the G20 Summit in New Delhi in 2023, more than 70 Brazilian trade missions have visited India, while Brazil has hosted 40 Indian technical delegations. He welcomed India’s recent opening of its market to Brazilian chicken and cotton and called for expanding the India-MERCOSUR Preferential Trade Agreement to reduce trade barriers.

At a joint press event, Prime Minister Modi said both countries aim to raise bilateral trade to $20 billion over the next five years. Using a sports metaphor, he said, “Football is Brazil’s passion, and cricket is India’s. When we’re on the same team, a $20 billion goal is not far.”

Modi highlighted growing cooperation in clean energy, space, digital public infrastructure (DPI), semiconductors, defence, AI, and agriculture. He praised Lula as the “Chief Architect of the India-Brazil Strategic Partnership” and shared photos of their meeting on X, calling the talks “fruitful.”

Lula also reiterated Brazil and India’s joint call for permanent seats on the UN Security Council and thanked Modi for India’s participation in the Global Alliance Against Hunger and Poverty.

Earlier, PM Modi was warmly welcomed at Alvorada Palace, marking a significant moment in South-South cooperation.