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Why in News?
India and Brazil signed key agreements on rare earth & critical minerals and steel mining, while committing to expand bilateral trade and digital cooperation during Brazilian President Luiz Inácio Lula da Silva’s visit to India.
Key Agreements Signed
- Cooperation in rare earth and critical minerals.
- Partnership in steel mining.
- Launch of a Joint Declaration & Action Plan on Digital Partnership for the Future.
- Agreement to strengthen cooperation in:
- Defence
- Renewable energy
- Healthcare
- Agriculture
- Pharmaceuticals
- South–South cooperation
Trade & Economic Targets
- Current trade: about $12–15 billion annually.
- Earlier target: $20 billion by 2030.
- Brazil proposed a new target: $30 billion annual trade by 2030.
- Plan to expand the India–Mercosur Preferential Trading Agreement (PTA).
