New Delhi, Feb. 21 -- Bilateral trade between India and Brazil could double to $30 billion by 2030, Brazilian President Luiz Inacio Lula da Silva said in New Delhi on Saturday, outlining an ambitious goal for a partnership that both countries admit has yet to realise its full potential.
Addressing the India-Brazil Business Forum during his state visit, Lula said the geographical distance separating the two countries was insignificant when weighed against the scale of opportunity. Trade between the two countries, which stood at $2.4 billion in 2006 when they formalised their strategic partnership, has since climbed to $15 billion, registering a robust 25 per cent growth last year alone. Yet, he observed, commercial engagement had for too long been oriented elsewhere. "We have now resolved to change that behaviour," he said.
Union Commerce and Industry Minister Piyush Goyal described the current trade volume as "suboptimal", urging businesses on both sides to embrace greater ambition. He underlined the structural complementarities shaping the relationship: Brazil's vast reserves of critical minerals and agricultural strength, and India's technological capabilities and expanding manufacturing base. Together, he said, the two economies could help reconfigure global value chains through a blend of resources, innovation and strategic foresight.
The business forum, organised by the Federation of Indian Chambers of Commerce & Industry in partnership with Brazilian and Indian government agencies, witnessed the signing of agreements across bioenergy, mining, pharmaceuticals, aerospace and trade promotion. A notable pact envisages a $500-million iron ore blending facility at Gangavaram Port, while collaborations in biotechnology and biologics seek to expand access to advanced therapies, including treatments for oncology and rare diseases, within public health systems.
In aerospace, Brazil's Embraer signed an agreement with Adani Defence & Aerospace to establish a final assembly line for regional jets in India, signalling deeper industrial cooperation.
Published by HT Digital Content Services with permission from Millennium Post.