During a meeting in Mumbai with a delegation of roughly 20 Brazilian firms, including Vale, Embraer and WEG, Brazil’s foreign minister highlighted that trade between the two nations rose from around $15 billion last year to an estimated $20 billion this year, putting the $30 billion target within reach well before the 2030 deadline.
The trade push follows President Lula’s visit to India earlier in the year, when he and Prime Minister Modi formally launched the $30 billion ambition and pledged to deepen economic ties across sectors such as aviation, defence, energy and agribusiness.
Key Brazilian exporters said several projects are close to fruition: Petrobras is expanding its oil business in India, Embraer is negotiating sales of commercial jets, KC‑390 transport aircraft and Super Tucano fighters, while Vale and WEG are seeking new contracts in mining and industrial equipment.
The foreign minister also underscored the strategic dimension of the partnership, noting that Brazil and India share similar positions on multilateralism, global governance and the role of the New Development Bank, which both see as a counter‑balance to the Bretton Woods institutions.
Personal diplomatic ties were cited as a catalyst for the dialogue; the minister recalled a long‑standing relationship with Indian External Affairs Minister S. Jaishankar, dating back to their overlapping postings in Washington in 2012 and subsequent collaborations when Jaishankar served as India’s foreign secretary.
Both countries reject the notion that BRICS is an anti‑Western bloc, describing it instead as a forum for negotiation and consensus‑building. The minister said the group’s expansion has paused to allow consolidation, with Brazil supporting any future enlargement only after a collective decision.
The meeting took place against the backdrop of the BRICS summit in India, which also hosted Chinese President Xi Jinping and Russian President Vladimir Putin, underscoring India’s role as the current BRICS chair and its upcoming handover to China.
Beyond India, Brazil is pursuing a broader Asian strategy, having opened a permanent mission to ASEAN in Jakarta and seeking deeper trade links with Southeast Asian markets, a move the minister said mirrors the success of Brazil’s trade surplus in the region.