New Delhi [India], February 21 (ANI): The India-Brazil Business Forum 2026 is currently in the spotlight, coinciding with the state visit of Brazilian President Luiz Inacio Lula da Silva to New Delhi. During the Visit of the Brazilian president, PM Modi and President Lula have set a goal to increase bilateral trade beyond $20 billion in the next five years.

Addressing the India-Brazil Business Forum on Saturday, Union Minister of Commerce and Industry Piyush Goyal called for a transformative leap in bilateral economic relations, asserting that the partnership between the two nations is entering a 'golden era' of cooperation.

Piyush Goyal said that 'the India-Brazil relationship is built on the foundations of democracy, diversity, and shared aspirations for development. Both countries share a strong, multifaceted strategic partnership driven by people-to-people ties and expanding cooperation across sectors. This growth between the two countries is driven by reforms in taxation, logistics, manufacturing, digital infrastructure, reducing compliance burden, making it easier to do business, and supporting the efforts of our business community across all regions and all sectors.'

Minister Goyal asserted that 'the relationship between the two of the world's largest democracies has demonstrated a very remarkable diplomatic relationship. In September 2023, we passed on the G20 presidency to Brazil under his excellency, President Lula. And in 2026, Brazil is passing on the BRICS presidency to India. India and Brazil are natural partners.'

'Our relationship is built on the foundation of democracy, diversity and shared aspirations for development. We have a strong, multi-faceted strategic partnership driven by people-to-people ties and expanding cooperation across sectors. We are also expanding cooperation in health, pharma and energy, including renewable energy, critical minerals, defence, the aviation sector, and there is significant growth in our collaboration in science and technology, digital public infrastructure, and artificial intelligence,' added Goyal.

Earlier today, a ceremonial welcome was held at the forecourt of Rashtrapati Bhavan for Brazilian President Luiz Inacio Lula da Silva, who is on a state visit to India. President Lula was accorded the Guard of Honour at the Rashtrapati Bhavan. The Brazilian President was received at the Rashtrapati Bhavan by PM Modi and President Droupadi Murmu. (ANI)