Brazil, India eye critical minerals deal

In a significant diplomatic engagement, Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva convened in New Delhi to enhance collaboration on critical minerals and rare earths, essential resources for modern technology and renewable energy. Brazil, which boasts the world's second-largest reserves of these minerals, is viewed as a vital partner for India as it seeks to reduce its reliance on China, the leading exporter of rare earths. Both leaders are expected to formalize a memorandum to strengthen trade ties, aiming for a bilateral trade target of $20 billion by 2030, up from $15 billion currently. Lula, who is leading a high-level delegation, also paid homage to Mahatma Gandhi, emphasizing the ties between the two nations. The discussions will also address global economic challenges and multilateral trade issues, particularly in light of recent US tariffs impacting both economies. Experts view this cooperation as a strategic move for India to diversify its supply chains and secure resource access, complementing existing partnerships with the US and Europe. The meeting signifies a potential shift in global trade dynamics and reaffirms Brazil's position as India's key ally in Latin America, particularly in sectors like iron ore and agricultural exports.