India, Brazil Sign 6 MoUs in Key Sectors Including Renewable Energy; Set USD 20 Billion Trade Target
Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva reviewed ongoing collaboration in the energy sector and agreed to explore investment opportunities, recognising the immense potential in both the hydrocarbon and renewable energy sectors.
July 09, 2025. By Dineshwori
During their meeting at the Alvorada Palace in Brasilia on 8 July 2025, PM Modi and President Lula discussed cooperation in several areas and explored avenues for collaboration in new domains.
Following the talks, the two leaders finalised six agreements in the fields of counter-terrorism, security information exchange, agricultural research, renewable energy, intellectual property rights, and digital cooperation.
The leaders discussed strengthening bilateral trade, including the expansion of the India-MERCOSUR Preferential Trade Agreement (PTA), setting a target to increase bilateral trade to USD 20 billion over the next five years.
MERCOSUR, the South American trade bloc, includes Argentina, Brazil, Paraguay, Uruguay, and Bolivia as full members, with Venezuela currently suspended. The India-MERCOSUR PTA, operational since 1 June 2009, offers tariff concessions on hundreds of products.
The two sides reviewed ongoing collaboration in the energy sector and agreed to explore investment opportunities, recognising the immense potential in both the hydrocarbon and renewable energy sectors.
Prime Minister Modi and President Lula also exchanged views on regional and global issues of mutual interest. They reaffirmed their commitment to multilateralism and the reform of global governance institutions, including the UN Security Council. They also agreed to work together to strengthen global action against climate change.
To further boost economic engagement, the leaders welcomed the establishment of a ministerial-level mechanism to facilitate dialogue on trade and commercial matters.
In a symbolic gesture reflecting the deepening ties between the two nations, President Lula conferred Brazil’s highest civilian honour — The Grand Collar of the National Order of the Southern Cross — on Prime Minister Modi.
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