India Deepens Trade Ties with Brazil to Boost Steel Industry

India and Brazil have signed an agreement to expand cooperation in mining and minerals, aiming to meet rising domestic steel demand. This partnership will attract investment in mining and steel sector infrastructure as part of a broader strategy to deepen trade relations, with a target of surpassing $20 billion in bilateral trade within five years.

India took a significant step to enhance its trade relationship with Brazil by inking a deal to widen cooperation in the mining and minerals sectors. This move aligns with India's strategy to accommodate growing steel demands and support expansion efforts in a competitive global marketplace.

The agreement was signed in the presence of Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva in New Delhi. It aims to bolster India's access to essential raw materials and technologies, helping to drive sustainable growth within its steel industry, as confirmed by an Indian government statement.

The expanded cooperation is set to attract investment into the exploration, mining, and steel infrastructure sectors. Efforts to elevate bilateral trade beyond $20 billion over the next five years were also emphasized during the discussions between the Indian and Brazilian leaders.

(With inputs from agencies.)