NEW DELHI, Feb 21 (KUNA) -- India and Brazil on Saturday explored new areas of cooperation and inked a key MoU in steel sector as Indian Prime Minister Narendra Modi held extensive talks with visiting Brazilian President Luiz Inacio Lula da Silva in New Delhi.
A statement from the Prime Minister's Office said that Modi discussed with Brazilian President ways of moving forward with shared purpose and shared aspirations in every area.
"Brazil is India's largest trading partner in Latin America. We are committed to taking bilateral trade beyond USD 20 billion in the next five years. Our trade is not just a figure, it is a reflection of trust," Modi said. The Indian Premier further said that the expansion of the India-Mercosur trade agreement will further strengthen the economic cooperation between India and Brazil.
"Our cooperation in the field of technology and innovation is important for both countries, as well as for the entire Global South. I am pleased that we are working on establishing a Centre of Excellence for Digital Public Infrastructure in Brazil. We are also prioritizing our cooperation in areas such as Artificial Intelligence, supercomputers, semiconductors, and blockchain," Modi said.
Modi also pointed out the importance of leveraging technology for inclusive and shared progress.
"Energy cooperation has been a strong pillar of our relationship. In addition to hydrocarbons, we are also accelerating cooperation in several areas, including renewable energy, ethanol blending, and sustainable aviation fuel." Modi hailed newly reached agreement on critical minerals and rare earths and underlined growing cooperation in the defense sector.
"We are giving new dimensions to our partnership in agriculture and animal husbandry, tailored to future needs. Our cooperation in areas such as climate-resilient agriculture, precision farming, and bio-fertilizers will strengthen the food security of both countries," he said.
India and Brazil reached MoU to enhance cooperation in the field of mining and minerals required for the steel sector. The MoU provides an institutional framework for strengthening bilateral cooperation across the steel value chain, with a focus on promoting reliable and sustainable development of key raw materials required for steel production.
India and Brazil also exchanged an MoU to strengthen bilateral cooperation in the field of regulation of pharmaceutical and medical product and another MoU to discuss the issues concerning Micro, Small and Medium Enterprises (MSMEs) and explore possible areas of cooperation for mutual benefit of MSMEs in the two countries. (end) atk.hb