‘A defining moment’: Piyush Goyal lauds Lula visit, invites Brazilian firms to scale with India

Brazilian President Luiz Inacio Lula da Silva’s five-day visit to India is being framed by both sides as a pivotal moment in relations between two of the world’s largest democracies, with business, trade and emerging technologies driving the agenda.

Addressing the Plenary Session of the India-Brazil Business Forum, Commerce and Industry Minister Piyush Goyal said the visit “marks a defining moment” in the bilateral relationship and reaffirmed Brazil’s role as a strong voice of the Global South.

Brazil is India’s largest trading partner in the Latin America and Caribbean region. Goyal noted that engagement has steadily broadened across defence, agriculture and energy, with renewed emphasis on health, pharmaceuticals, science and technology, and artificial intelligence.

President Lula pointed to the sharp rise in economic ties, while underscoring the room for expansion. Bilateral trade stood at around $200 million in 2006, rose to $2.4 billion a few years later and touched $15 billion last year. “This is not much. The potential of growth is huge,” Lula said, signalling a push to accelerate trade.

Goyal used the forum to spotlight India’s expanding global trade reach. He said the country now enjoys preferential access to nearly two-thirds of global trade through its free trade agreements.

The minister highlighted that nine FTAs have strengthened India’s integration with key developed economies, while negotiations continue with several partners. India has finalised terms of reference with Israel and the Gulf Cooperation Council, launched discussions with Canada and is looking to begin formal FTA talks with Ottawa soon.

According to Goyal, such agreements are critical to creating an environment that allows Indian industry to scale up domestically and compete globally.

Reiterating India’s economic ambitions, he said the country is on track to overtake Germany within the next two years to become the world’s third-largest economy.

He also invited Brazilian businesses to collaborate with India in agriculture, aerospace, automotive manufacturing and digital technologies. Brazil’s strength as an agricultural powerhouse and the rapidly evolving aerospace and digital ecosystems in both countries, he suggested, offer fertile ground for deeper partnerships.