Critical Minerals And Rare Earths: India, Brazil Set Bilateral Trade Target Of Over USD 20 Billion In 5 years
Modi said the relations between India and Brazil have long benefited from President Lula's visionary outlook and inspiring leadership.
Published : February 21, 2026 at 10:42 AM IST
|Updated : February 21, 2026 at 3:48 PM IST
New Delhi: India and Brazil agreed to boost cooperation on critical minerals and rare earths on Saturday, as the two countries set a bilateral trade target of more than USD 20 billion in the next five years, after Prime Minister Narendra Modi held wide-ranging talks with Brazilian President Luiz Inacio Lula Da Silva.
Modi said the relations between India and Brazil have long benefited from President Lula's visionary outlook and inspiring leadership. He also noted that Brazil is India's largest trade partner in Latin America.
"We are committed to taking the India-Brazil trade beyond USD 20 billion in the next five years," the prime minister said in his media statement after the talks.
"The agreement on critical minerals and rare earths is a major step towards building resilient supply chains," Modi said.
Brazil has the world's second-largest reserves of critical minerals, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.
India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.
"Increasing investments and cooperation in matters of renewable energies and critical minerals is at the core of the pioneering agreement that we have signed today," Lula said.
The details of the deal were not immediately available.
Nine other agreements and memoranda of understanding were finalised on Saturday, the foreign ministry's spokesman said, touching on digital cooperation, health, entrepreneurship and other fields.
"Brazil is India's largest trade partner in Latin America. We are committed to taking our bilateral trade beyond $20 billion in the coming five years," Modi said. "Our trade is not just a figure, but a reflection of trust."
He asserted that when India and Brazil work together, the voice of the Global South becomes stronger.
Modi also said both countries agree that terrorism and its supporters are enemies of all of humanity.
Rishabh Jain, an expert with the Delhi-based Council on Energy, Environment and Water think tank, said India's growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the United States, France and the European Union.
While these partnerships grant India access to advanced technologies, finance and high-end processing capabilities, "Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade", Jain told AFP.
Brazil is India's biggest partner in Latin America. Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore. Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world's fourth-largest economy. Brazilian firms are also expanding in the country, with Embraer and Adani Group announcing plans last month to build aircraft in India.
Lula addressed the AI Impact summit in Delhi on Thursday, calling for a multilateral and inclusive global governance framework for artificial intelligence.
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