Brazil, India target critical minerals deal as Modi and Lula meet in New Delhi
Officials say both leaders are expected to sign a memorandum on critical minerals and discuss ways to expand trade ties.
Brazilian President Luiz Inacio Lula da Silva and India's Prime Minister Narendra Modi are meeting in New Delhi, seeking to strengthen cooperation on critical minerals and rare earths as global supply chains face mounting pressure.
Lula, leading a delegation of ministers and business representatives, arrived in the Indian capital on Wednesday for a global summit.
Officials said the two leaders are expected to sign a memorandum on critical minerals and discuss ways to expand trade ties.
Brazil holds the world's second-largest reserves of rare earth elements, which are used in electric vehicles, solar panels, smartphones, jet engines and guided missiles.
India, aiming to reduce dependence on leading exporter China, has expanded domestic production and recycling while seeking new suppliers abroad.
Bilateral trade between the two countries exceeded $15 billion in 2025, making India the 10th largest market for Brazilian exports.
Both sides have set a target of $20 billion in trade by 2030.
With China maintaining a near-monopoly on rare earth production, countries have increasingly sought alternative sources.
The leaders are also expected to discuss global economic headwinds and strains on multilateral trade systems after both countries were hit by US tariffs in 2025.
Brazil is India's largest trading partner in Latin America.
Major exports to India include sugar, crude oil, vegetable oils, cotton and iron ore, the latter driven by India's rapid infrastructure growth.
Lula addressed the AI Impact summit in Delhi on Thursday and will later travel to South Korea for meetings with President Lee Jae Myung.