India and Brazil sign critical minerals and rare earths cooperation agreement in New Delhi

Key facts

• Brazilian President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi met in New Delhi on Saturday.
• Both leaders signed an agreement to boost cooperation on critical minerals and rare earths.
• The agreement aims to reduce India's dependence on China for these resources.
• Brazil is the world's second-largest holder of critical minerals after China.
• Nine additional agreements were signed, covering areas such as digital cooperation and health.
• Modi stated that bilateral trade will be taken beyond $20 billion within five years.
• In 2024, Indian exports to Brazil totalled $7.23 billion, with refined petroleum as the main export.
• Brazilian exports to India in 2024 reached $5.38 billion, with raw sugar as the main export.