New delhi: India and Brazil have taken significant steps to deepen their bilateral relationship by signing a crucial Memorandum of Understanding (MoU) in the steel sector during a meeting between Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva in New Delhi.
According to Kuwait News Agency, the discussions between the two leaders focused on enhancing cooperation in multiple areas, with particular attention on elevating trade relations. Prime Minister Modi highlighted that Brazil is India's largest trading partner in Latin America, with a shared commitment to increase bilateral trade beyond USD 20 billion in the next five years. He emphasized that this trade is a testament to the mutual trust between the two nations.
The talks also included discussions on expanding the India-Mercosur trade agreement to bolster economic ties. Both leaders acknowledged the importance of collaboration in technology and innovation, with plans to establish a Centre of Excellence for Digital Public Infrastructure in Brazil. Priority areas for cooperation include Artificial Intelligence, supercomputers, semiconductors, and blockchain, underscoring the importance of technology for inclusive progress.
Energy cooperation remains a cornerstone of the India-Brazil relationship, with both countries looking to accelerate joint efforts in renewable energy, ethanol blending, and sustainable aviation fuel. The newly reached agreement on critical minerals and rare earths was celebrated, alongside increased cooperation in defense.
In agriculture, Modi spoke of new dimensions in partnership, focusing on climate-resilient agriculture and precision farming, which are expected to enhance food security for both nations. The MoU signed in the steel sector aims to strengthen bilateral cooperation in mining and minerals, providing a framework for sustainable development of raw materials essential for steel production.
Additionally, India and Brazil exchanged MoUs to enhance cooperation in pharmaceutical and medical product regulation and to explore opportunities for mutual benefit of Micro, Small, and Medium Enterprises (MSMEs) in both countries.