More Stories

Informist, Friday, Aug. 8, 2025

 

MUMBAI – India's Prime Minister Narendra Modi and Brazil's President Luiz Inacio Lula da Silva on Thursday discussed on a phone call the international economic scenario and the imposition of unilateral tariffs by the US.

 

"Brazil and India are, to date, the two most affected countries. We reaffirmed the importance of defending multilateralism and the need to address the challenges of the current situation, in addition to exploring possibilities for greater integration between the two countries," Lula said in a post on social media platform X. 

 

The US has imposed 50% tariff on both India and Brazil. India at present faces 25% tariff, which will rise to 50% on Aug. 27 if no deal is struck with the US.

 

Modi, in a separate post on X, said the two countries are committed to deepening strategic partnership, including in trade, energy, technology, defence, and health. "A strong, people-centric partnership between Global South nations benefits everyone," the Indian prime minister said. 

 

During the phone call, Brazil agreed to a state visit to India early next year, Lula said. Brazil's Vice President Geraldo Alckmin will travel to India next October for the Trade Monitoring Mechanism meeting. The delegation will include Brazilian ministers and businesspeople to discuss cooperation in trade, defence, energy, critical minerals, health, and digital inclusion, Lula said.

 

"We also reiterate our goal of increasing bilateral trade to over US$20 billion by 2030," the Brazilian president said. "To this end, we agreed to expand the scope of the agreement between MERCOSUR and India."

 

Modi and Lula also exchanged information on the virtual payment platforms of the two countries, including PIX and India's Unified Payments Interface. "We also discussed the successes of the BRICS Summit in Brazil and working together towards the transition of the bloc's next presidency, which will be held by India, Lula said.  End

 

US$1 = INR 87.62

 

Reported by Shubham Rana

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.