NEW DELHI – In a high-profile diplomatic encounter at the national capital, Prime Minister Narendra Modi and Brazilian President Luiz Inácio Lula da Silva held a joint press conference on Saturday, February 21, 2026. The leaders announced an ambitious roadmap to elevate bilateral trade to over $20 billion within the next five years, marking a new chapter in South-South cooperation.
The visit, which included a ceremonial welcome at Rashtrapati Bhavan and a tribute to Mahatma Gandhi at Rajghat, follows PM Modi’s historic visit to Brasilia in July 2025.
Economic Expansion and Trade Integration
Brazil currently stands as India’s largest trading partner in Latin America. Prime Minister Modi emphasized that the presence of a massive Brazilian business delegation in New Delhi underscores the growing confidence between the two economies.
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MERCOSUR Expansion: Both leaders agreed to accelerate the expansion of the India-MERCOSUR Preferential Trade Agreement (PTA) to further integrate the Indian market with the South American trade bloc.
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Beyond Figures: PM Modi noted that the $20 billion target is not merely a numerical goal but a “reflection of trust” and shared economic stability.
Digital Public Infrastructure and Technology
A key outcome of the delegation-level talks was the focus on technology as a bridge for the Global South.
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Centre of Excellence: India will assist in establishing a Centre of Excellence for Digital Public Infrastructure (DPI) in Brazil, sharing its expertise in digital payments and governance.
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Strategic Tech Sectors: Cooperation will be prioritized in Artificial Intelligence (AI), supercomputers, semiconductors, and blockchain.
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Global AI Impact Summit: PM Modi thanked President Lula for his participation in the summit, noting that Brazil’s leadership adds significant momentum to the global dialogue on inclusive technology.
Energy and Climate Resilience
Energy remains a cornerstone of the India-Brazil relationship, evolving from traditional hydrocarbons to green alternatives.
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Sustainable Fuels: The leaders committed to accelerating collaboration in ethanol blending and sustainable aviation fuel (SAF).
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Global Biofuel Alliance: Brazil’s active role in this India-led initiative was lauded as a vital step toward a green future.
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Disaster Resilience: President Lula proposed Brazil as a co-chair for the Coalition for Disaster Resilient Infrastructure (CDRI), a move welcomed by India to leverage Brazil’s extensive experience in environmental management.
The talks were attended by a high-powered Indian delegation, including External Affairs Minister S. Jaishankar, Commerce Minister Piyush Goyal, and National Security Advisor Ajit Doval.
