India and Brazil yesterday agreed to boost cooperation on critical minerals and rare earths, Indian Prime Minister Narendra Modi said after talks in New Delhi with Brazilian President Luiz Inacio Lula da Silva.
“The agreement on critical minerals and rare earths in a major step toward building resilient supply chains,” Modi said.
Brazil has the world’s second-largest reserves of critical minerals, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.
Photo: AFP
India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.
“Increasing investments and cooperation in matters of renewable energies and critical minerals is at the core of the pioneering agreement that we have signed today,” Lula said.
The details of the deal were not available as of press time last night.
Nine other agreements and memoranda of understanding were finalized, touching on digital cooperation, health, entrepreneurship and other fields, an official said.
“Brazil is India’s largest trade partner in Latin America. We are committed to taking our bilateral trade beyond US$20 billion in the coming five years,” Modi said. “Our trade is not just a figure, but a reflection of trust.”
Lula, who arrived in New Delhi on Wednesday for a summit on artificial intelligence, is accompanied by a delegation of more than a dozen ministers as well as business leaders.
He was yesterday given a ceremonial welcome and paid his tributes to India’s independence hero Mahatma Gandhi, before going into the meeting with Modi.
With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources.
Council on Energy, Environment and Water senior program lead Rishabh Jain said India’s growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the US, France and the EU.
These partnerships grant India access to advanced technologies, finance and high-end processing capabilities, he said.
“Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade,” Jain added.
India is the 10th-largest market for Brazilian exports, with bilateral trade topping US$15 billion last year.
Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore.
Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world’s fourth-largest economy.
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