"The agreement on critical minerals and rare earth elements is an important step towards establishing sustainable supply chains. Our cooperation in the defense sector is steadily growing, reflecting deep mutual trust and strategic alignment of interests, which we will continue to strengthen. There are also tremendous opportunities for cooperation in the health and pharmaceutical sectors," Modi said at a joint press conference.
Both countries are dynamic and influential democracies that will continue promoting priorities and aspirations of the Global South, Modi added.
"Brazil is India's largest trading partner in Latin America. We are determined to increase bilateral trade to more than $20 billion over the next five years. Our trade is not just a figure but a reflection of trust. The large business delegation accompanying the president reflects this trust. The expansion of the trade agreement between India and Mercosur will further strengthen our economic cooperation," he said.
Lula da Silva arrived in India on Wednesday for a five-day state visit. Apart from critical minerals and trade, the two leaders addressed cooperation in investment, defense, aviation, digital technology, artificial intelligence, the economy, finance, energy transition, health care, space, multilateralism and global governance.