Brazilian President Mr Luiz Inácio Lula da Silva said that bilateral trade between India and Brazil could reach $30 billion by 2030 — doubling current volumes — as he addressed the India-Brazil Business Forum. The declaration came against a backdrop of rapidly deepening ties. Bilateral trade stood at a mere $2.4 billion in 2006 when both nations formalised their strategic partnership. It has since risen to $15 billion — a 25 per cent increase last year alone — yet both leaders described the figure as falling well short of potential.

"The distance between Brazil and India is merely a detail in the face of the potential of friendship between our two nations," said Lula, adding that both countries had for too long directed their commercial attention towards other countries at the expense of each other. "We have now resolved to change that behaviour."

Commerce and Industry Minister Piyush Goyal echoed the ambition but was equally candid about the gap. "Our bilateral trade, even though it grew by 25 per cent to $15 billion, is truly suboptimal," he said. "We have to be significantly more ambitious today." Minister Goyal pointed to the structural complementarities underpinning the relationship — Brazil's reserves of niobium, lithium and iron ore alongside its agricultural dominance, and India's technological depth and manufacturing capacity. "Together we have the potential to reshape global value chains, with resources, innovation and a forward-looking vision," he said, inviting Brazilian companies to co-invest and co-create in India.

"Brazil is a global agriculture powerhouse producing several products that help feed billions. Its aerospace, automotive and digital technology industries are rapidly evolving, offering abundant opportunities for collaboration. All of this comes together to make Brazil our strategic partner in global supply chains," Goyal added.