NEW DELHI: Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva met Saturday in New Delhi to bolster cooperation on critical minerals and rare earths. Brazil, holding the world's second-largest reserves of these essential elements, supplies materials crucial for electric vehicles, smartphones, and advanced defense systems.
India, aiming to reduce its dependence on China, is expanding domestic production and seeking new international suppliers. The leaders were expected to sign a memorandum on critical minerals and discuss expanding bilateral trade, which already exceeds $15 billion annually and is targeted to reach $20 billion by 2030.
This alliance with Brazil complements India's existing supply chain engagements with Western nations, offering diversified, on-ground resource access and a voice in shaping global trade rules. Discussions also covered global economic challenges and strains on multilateral trade systems.
In addition to critical minerals, Brazilian firms are increasing their presence in India, with plans announced for aircraft manufacturing. President Lula also addressed artificial intelligence governance at a summit in Delhi.