India and Brazil signed on Saturday an agreement aimed at strengthening their cooperation in the field of basic and rare earths, following a meeting in New Delhi between Prime Minister Narendra Modi and President Luiz Inacio Lula da Silva, with the goal of raising bilateral trade to more than $20 billion within five years.

Published on: 02/21/2026 - 19:19

India and Brazil signed an agreement on Saturday aimed at strengthening their cooperation in the field of basic and rare earths, following a meeting in New Delhi between Prime Minister Narendra Modi and President Luiz Inacio Lula da Silva. Modi said that this agreement is “a major step towards building resilient supply chains.”

Lula, who arrived in New Delhi on Wednesday accompanied by twelve ministers and a large delegation that includes the heads of the boards of directors of the largest Brazilian companies, stressed that “increasing investments and cooperation in the field of renewable energies and basic minerals are at the heart of the pioneering agreement that we signed today.”

Brazil has the second largest global reserve of these minerals, which are essential for products such as electric cars, solar panels, and smartphones, in addition to aircraft engines and guided missiles.

No details yet

Details of the agreement have not yet been announced. A senior official in the Indian Ministry of External Affairs, B. Kumaran said that formal discussions are underway.

Kumaran said during a press conference, “President Lula presented in a very detailed manner the large Brazilian reserves of basic and rare metals.”

He pointed out that "only 30 percent of (Brazil's) reserves have been explored, and there is great potential for exploring, processing and using these minerals."

Major business partner

India seeks to reduce its dependency on China, and has developed its national production and recycling activities, in parallel with its search for new suppliers of rare metals.

"Brazil is India's number one trading partner in South America," Modi stressed, adding, "We are committed to increasing the volume of our bilateral trade to more than twenty billion dollars over the next five years."

Also on Saturday, nine agreements and protocols were completed, including digital cooperation, health, entrepreneurship and other fields.

Rishabh Jain, an expert at the Energy, Environment and Water Council based in New Delhi, explained that the growing cooperation between India and Brazil in the field of rare earth minerals complements recent commitments in supply chains with the United States, France and the European Union.

If these partnerships provide India with access to advanced technologies and financing operations, and provide it with advanced processing capabilities, then “these alliances with countries of the South remain an essential pillar for ensuring the diversity of sources of resources on the ground and contributing to the formulation of new rules for global trade,” Jain told Agence France-Presse.​

“A win-win partnership”

India, which has the largest population in the world, is the tenth market for Brazilian exports, with bilateral trade exceeding $15 billion in 2025. Major Brazilian exports to India include sugar, crude oil, vegetable oils, cotton, and iron ore. The demand for it has increased in light of the rapid expansion of infrastructure and industrial growth in India, which aspires to be the fourth largest economy in the world.

Modi noted that “our cooperation in the field of defense is constantly evolving,” praising a partnership that brings benefits to both countries. Lula also later confirmed during an economic forum Brazil's keenness to cooperate in one of the largest defense markets in the world. He said, "We do not just want to sell, but we want to buy, invest and strengthen our presence in India, by transferring technology and training workers."

Last January, a partnership agreement was signed to manufacture helicopters between the Indian “Adani” group and the Brazilian “Embraer” group, which already invests in India.

The Brazilian President will head to South Korea on Sunday, where he will meet its President Lee Jae-myung and participate in an economic forum.

France 24/AFP

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