Story perspectives

Modi and Lula Set $20B Trade Goal Amid Tariff Talks

2/21/2026

Summary

Story summary

On February 21, 2026, Prime Minister Narendra Modi of India and Brazilian President Luiz Inacio Lula da Silva will meet in New Delhi to bolster cooperation on critical minerals and rare earths.
Brazil holds the second-largest global reserves of these minerals and aims to help India reduce reliance on China.
They plan to sign a memorandum and target $20 billion in bilateral trade by 2030, to offset the impact of 2025 US tariffs.

History

Historical Context

Brazil's Mining Code reform in 2017 aimed to attract foreign investment, particularly in critical minerals, as the country holds 22% of the world's rare earth reserves. This move follows the liberalization of Brazil's energy sector in the late 1990s, which increased competition and investment. The upcoming meeting between Prime Minister Modi and President Lula da Silva highlights a strategic partnership to reduce India's reliance on China for these resources.

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Story summary

On February 21, 2026, Prime Minister Narendra Modi of India and Brazilian President Luiz Inacio Lula da Silva will meet in New Delhi to bolster cooperation on critical minerals and rare earths.
Brazil holds the second-largest global reserves of these minerals and aims to help India reduce reliance on China.
They plan to sign a memorandum and target $20 billion in bilateral trade by 2030, to offset the impact of 2025 US tariffs.

1 / 2