New Delhi, Feb 21 (NationPress) Celebrating the mutually beneficial partnership between India and Brazil, Prime Minister Narendra Modi on Saturday underscored the commitment of both nations to strengthening their ties across various sectors, aiming to elevate bilateral trade beyond $20 billion.

During a joint press conference with Brazilian President Luiz Inacio Lula da Silva after the delegation-level discussions at Hyderabad House in New Delhi, PM Modi noted that India-Brazil relations have prospered significantly over the years, aided by the visionary leadership of President Lula, who has shown profound friendship and trust towards India.

He mentioned that President Lula's visit added great value to the historic AI Summit and infused new vigor into the strategic partnership between the two countries.

"I express my gratitude for the friendship and dedication to further fortifying the ties between our nations," PM Modi stated, adding that both countries explored ways to advance their shared goals and aspirations.

Designating Brazil as India's largest trading partner in Latin America, PM Modi remarked, "In the next decade, we are dedicated to pushing our bilateral trade to surpass $20 billion. Our trade figures reflect mutual trust, highlighted by the business delegation accompanying the President."

He indicated that the expansion of the India-MERCOSUR Preferential Trade Agreement (PTA) will further enhance economic collaboration between the two nations.

"In technology and innovation, our collaboration is crucial not only for our countries but for the entire Global South. I am pleased that we are working towards establishing a Centre of Excellence for Digital Public Infrastructure in Brazil," he mentioned.

PM Modi also pointed out that India and Brazil are prioritizing cooperation in areas such as Artificial Intelligence, supercomputers, semiconductors, and blockchain, emphasizing, "Both our nations agree that technology must be inclusive and act as a bridge for social progress."

Energy cooperation has been a strong foundation of India-Brazil relations, according to PM Modi. He remarked, "Besides hydrocarbons, we are also accelerating partnerships in renewable energy, ethanol blending, and sustainable aviation fuel. Brazil's active role in the Global Biofuel Alliance showcases our mutual commitment to a green future."

"Brazil has expressed interest in joining the Coalition for Disaster Resilient Infrastructure (CDRI). I am confident that Brazil's extensive experience will greatly contribute to CDRI's strength. The agreement on critical minerals and rare earths marks a significant step towards establishing a resilient supply chain," he noted.

He further stated that defense collaboration between both nations is also steadily advancing, illustrating mutual trust and strategic alignment.

PM Modi added that both countries are exploring new dimensions in agriculture, animal husbandry, and food security, announcing the establishment of a Centre of Excellence for oilseeds, pulses, and integrated Farming in Brazil as a notable initiative in this direction.

"We will persist in reinforcing this win-win partnership," he concluded.

He also acknowledged the vast potential for collaboration in the health and pharmaceutical sector, assuring that India will continue to supply affordable, quality medicines to Brazil. Additionally, he mentioned that Ayurveda and traditional medicine will be promoted in Brazil to foster holistic healthcare.

"On global platforms, the partnership between India and Brazil has remained robust and influential. As democracies, we will continue to advocate for the priorities and aspirations of the Global South," he concluded.

Reiterating that "every issue should be addressed through dialogue and diplomacy," PM Modi stated, "India and Brazil unanimously agree that terrorism and its supporters are adversaries of humanity. We also concur that reforming global institutions is imperative to tackle contemporary challenges. We will persist in our joint efforts in this regard."

"I am fully optimistic that your visit will deepen our strategic partnership and introduce new cooperation dimensions in the years to come. Once again, I express my heartfelt gratitude for your visit and your profound friendship," PM Modi added.