NEW DELHI 

Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva on Saturday vowed to boost bilateral trade to $20 billion over the next five years.

Modi held “extensive engagements” with Lula, who is on a state visit to New Delhi and also attended an AI summit organized by India this week, Indian Ministry of External Affairs spokesperson Randhir Jaiswal said on US social media company X.

Modi said the talks focused “on ways to deepen” the India-Brazil trade partnership.

“We are committed to taking bilateral trade much beyond $20 billion in the next five years. Our nations will also work closely in areas such as technology, innovation, Digital Public Infrastructure, AI, semiconductors and more. This will benefit the people of our nation,” Modi wrote afterwards on X.

Jaiswal said both leaders reiterated their vision “for an inclusive and multipolar world order.”

“They also called for urgent reform of the United Nations, in particular the UN Security Council,” he said, adding that 10 outcomes were finalized in areas such as critical minerals and digital cooperation.

“Both leaders committed to raise bilateral trade over $20 billion in the next five years,” he added.

Modi said in his press statement: "When India and Brazil work together, the voice of Global South becomes stronger and more confident"

Trade between the two nations reached $12.54 billion in 2024. Diplomatic ties were established in 1948.

India and Brazil are members of the BRICS bloc – also including Russia, China, South Africa, and other countries – with India as its current chair.