At the India–Brazil Business Forum in New Delhi on February 23, 2026, Union Commerce and Industry Minister Piyush Goyal urged both nations to expand bilateral trade beyond the current USD 15 billion level, describing it as “suboptimal” given their combined economic potential. Renewables and clean energy were highlighted as one of the central pillars of future cooperation, alongside defence, pharmaceuticals, and emerging technologies.
Bilateral trade between India and Brazil has grown by approximately 25 % over the past year, yet officials believe significantly higher targets are achievable. Minister Goyal noted that both countries can leverage Brazil’s rich natural resources — such as lithium, niobium and iron ore — and India’s technological and manufacturing strengths to build more robust clean energy value chains, particularly in solar power, battery storage, and advanced renewables infrastructure.
Brazil remains India’s largest trading partner in Latin America, and both countries are working to deepen economic ties through expanded free trade agreements and preferential market access. The forum underscored the importance of South-South cooperation in achieving development goals, with renewables positioned as a major driver of investment, job creation, and sustainable growth.
Officials also highlighted India’s growing investment climate, with record-high foreign direct investment inflows and continued structural reforms supporting stronger global integration. Renewable energy partnerships — including solar technology exchange, joint research, and clean energy deployment — are expected to play a key role as trade strategies evolve in the coming years.
Resource: Solar Quarter
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