President Lula da Silva of Brazil electrified the India-Brazil Business Forum in New Delhi with a prediction: $30 billion in bilateral trade by 2030, doubling from $15 billion today. His remarks signal a renewed push for economic convergence between these global south giants.
Jointly organized by key trade entities from both nations, the forum buzzed with deal-making energy. Lula charted the growth from 2006’s $2.4 billion baseline to current heights, marked by 25% last-year gains. ‘We’re just scratching the surface,’ he said, dismissing distance as irrelevant amid vast synergies.
Minister Piyush Goyal aligned fully, decrying $15 billion as insufficient and spotlighting symbiotic strengths: Brazil’s critical minerals versus India’s tech-manufacturing muscle. He touted Brazil’s prowess in farming, planes, vehicles, and tech, urging cross-investments.
Sealed pacts delivered immediate impact—a $500M iron ore initiative by NMDC, Vale, Adani; pharma R&D for severe diseases; Embraer-Adani assembly for regional jets; and FICCI-ApexBrasil’s expansive cooperation accord. Emphasis also fell on defending emerging markets’ stakes globally and balanced IP policies.
These steps herald transformative bilateralism, poised to redefine supply chains and foster inclusive growth in a multipolar world.