NEW DELHI, Feb 22 (Bernama) -- India and Brazil aim to double their annual trade to US$30 billion by 2030 as they work to deepen their economic partnership in various sectors.
Brazilian President Luiz Inacio Lula da Silva said trade had grown from US$2.4 billion in 2006 to US$15.2 billion in 2025.
Bilateral trade last year grew 25.5 per cent compared with 2024.
In a joint statement, the two leaders emphasised the need to keep the momentum going in pursuit of the achievable target of US$30 billion by 2030.
"They directed their respective sides to work on eliminating non-tariff barriers in bilateral trade, with a view to reducing obstacles and further promoting trade between the two countries," it added.
The Brazilian president arrived in India on Wednesday on a state visit.
State and private entities signed more than a dozen memorandums of understanding (MoUs) on Saturday.
An MoU between India's Ministry of Steel and the Brazilian Ministry of Mines and Energy seeks to enhance cooperation in the field of mining and minerals required for the steel sector.
According to the Indian ministry, the MoU provides an institutional framework for strengthening bilateral cooperation across the steel value chain, with a focus on promoting reliable and sustainable development of key raw materials required for steel production.
In a statement, it also noted that Brazil is a leading producer of iron ore and holds significant reserves of minerals critical to steelmaking, including manganese, nickel and niobium.
"Enhanced cooperation with Brazil is expected to improve access to key raw materials and technologies necessary for sustaining long-term growth of India’s steel sector," it said.
Meanwhile, Brazilian planemaker Embraer is looking at new commercial and military transport aircraft orders and plans to set up facilities in India if it secures substantial business.
Embraer and Adani Defence and Aerospace exchanged an "enhanced" MoU on Saturday for setting up a final assembly line for the E175 regional jet, targeting the Indian regional aviation market.
India requires at least 500 aircraft in the 80-to-146 seat segment over the next 20 years, the companies said in a joint statement.
Embraer and India's Mahindra Group announced on Thursday that they plan to "work towards" establishing a maintenance, repair and overhaul (MRO) facility in India for the Embraer C-390 Millennium aircraft "upon selection in the Indian Air Force's Medium Transport Aircraft (MTA) programme".
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
