New Delhi, Feb. 22 -- Bilateral trade between India and Brazil could reach $30 billion by 2030, doubling from current levels, Brazilian President Luiz Inacio Lula da Silva said.

Trade between the two countries stood at $2.4 billion in 2006, when they formalised their strategic partnership. It has since expanded to around $13 billion, but leaders on both sides said that the figure remains far below potential.

"The distance between Brazil and India is merely a detail in the face of the potential of friendship between our two nations," Lula said on Saturday, as he addressed the India-Brazil Business Forum in the capital during his state visit.

He added that both countries had historically prioritised other markets over each other. "We hav...