India and Brazil deepen cooperation in iron ore, rare earth minerals and other mineral resources, committing to further increase bilateral trade volume within five years.

On February 21st, local time, India and Brazil signed a key memorandum of understanding on mineral resources and mining cooperation in New Delhi. The agreement was reached in the presence of Indian Prime Minister Modi and Brazilian President Lula, aiming to strengthen cooperation between the two countries in the exploration, extraction, and processing of iron ore, rare earths, and other critical minerals to support India's growing demand in the steel and clean energy industries, as well as to promote diversification of the global supply chain. According to a statement released by the Indian government, Brazil, as the world's second largest holder of critical mineral reserves, is India's largest trading partner in Latin America.