India and Brazil signed a mining and minerals cooperation pact on Saturday (21 February), as Prime Minister Narendra Modi said the two countries aim to increase bilateral trade to more than $20 billion within five years.
The agreement was signed in the presence of Modi and President Luiz Inácio Lula da Silva, who is on a three-day visit to New Delhi.
Brazil is among the world's top producers of iron ore and holds large reserves of minerals critical to steelmaking.
Closer cooperation is expected to improve India's access to raw materials and technologies needed to sustain long-term growth in its steel sector, an Indian government statement said.
The cooperation will focus on attracting investment in exploration, mining and steel sector infrastructure, the statement said.
India has steelmaking capacity of 218 million metric tons, and companies are expanding output to meet rising domestic demand driven by infrastructure development and industrialisation.
Addressing a meeting with a Brazilian delegation led by Lula, Modi said their talks had focused on ways to deepen the India-Brazil trade partnership.
"We are committed to taking bilateral trade much beyond $20 billion in the next five years," Modi said.
Bilateral trade between the two countries currently stands at about $15 billion.
"Our nations will also work closely in areas such as technology, innovation, digital public infrastructure, AI, semiconductors and more," Modi said.
India and Brazil have been strategic partners since 2006, with cooperation spanning trade, defence, energy, agriculture, health, critical minerals, technology and digital infrastructure.
Brazil is India's largest trading partner in the Latin America and Caribbean region, and the two countries work closely on global issues such as UN reform, climate change and counter-terrorism.
Lula on Thursday (19 February) called for Brazil and India to conduct trade using their own currencies instead of U.S. dollars. He dismissed speculation that the BRICS group, which includes both countries, would introduce a common currency.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran...
Two powerful earthquakes struck Venezuela on Wednesday, killing at least 32 people and injuring 700 after dozens of buildings collapsed into piles of ...
New developments linked to Jeffrey Epstein have brought renewed attention to his former associate Ghislaine Maxwell and billionaire Bill Gates. Maxwel...
An earthquake of magnitude 6.9 struck Japan's northeast coast on Thursday, but no tsunami warning was issued, no injuries were immediately reported an...
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 25 June, covering the latest developments you need to know. ...
Indian National Security Adviser Ajit Doval and Chinese Foreign Minister Wang Yi held talks in New Delhi on the sidelines of the BRICS security advisers’ meeting, in the latest sign of gradual efforts to stabilise ties after years of border tensions.
At least 12 students have died after a fire broke out in a building in the northern Indian state of Uttar Pradesh, authorities said. Most of the victims were teenagers attending an animation centre in the building when the blaze began.
A territory-wide shutdown has brought daily life in Pakistan-administered Kashmir to a standstill following the deadliest unrest in years, which has left at least 24 people dead over nearly two weeks of protests.
U.S. President Donald Trump said on Wednesday that he had a "very good" conversation with Indian Prime Minister Narendra Modi during the G7 summit in France, adding that Washington and New Delhi were working on trade agreements despite recent strains in bilateral ties.
Russia has called for clarification on whether U.S. President Donald Trump has changed his position on the war in Ukraine following remarks made at the recent G7 summit in Evian-les-Bains.
Israel's defence minister said on Wednesday Israeli troops will not withdraw from southern Lebanon, highlighting a hurdle to Iran-U.S. peace talks, as the top U.S. diplomat tours the Middle East to win over allies sceptical about a proposed deal.
A Ukrainian strike has damaged a school building in a Russian-controlled area of Ukraine’s Zaporizhzhia region, according to local authorities cited by the TASS news agency. No injuries were reported in the incident.
U.S. President Donald Trump said that Iran had agreed to nuclear inspections into "infinity, despite Tehran's denials, and that unfrozen Iranian assets would be used to buy humanitarian supplies from the United States.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran unless Congress formally authorised military action.
Two powerful earthquakes struck Venezuela on Wednesday, killing at least 32 people and injuring 700 after dozens of buildings collapsed into piles of shattered concrete and steel in and around the capital Caracas.
New developments linked to Jeffrey Epstein have brought renewed attention to his former associate Ghislaine Maxwell and billionaire Bill Gates. Maxwell is seeking to overturn her conviction, while Gates testified before Congress about his past interactions with the late financier.
An earthquake of magnitude 6.9 struck Japan's northeast coast on Thursday, but no tsunami warning was issued, no injuries were immediately reported and no irregularities were found at nuclear facilities, the authorities said.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 25 June, covering the latest developments you need to know.
A cemetery in the Gaza Strip containing the remains of 22 Canadian soldiers killed during a 1956 United Nations peacekeeping mission has been destroyed, according to media reports citing families of the deceased.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment