India, Brazil sign mining pact as Modi targets $20 billion trade in five years

India moved to deepen trade ties with Brazil on Saturday, signing a pact to expand cooperation in mining and minerals as it seeks to meet rising domestic steel demand and support capacity expansion amid a global race for raw materials.

The agreement was signed in the presence of India's Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva, who arrived in New Delhi earlier this week for a three-day visit, News.Az reports, citing Reuters.

Brazil is among the world's top producers of iron ore and holds large reserves of minerals critical to steelmaking. Closer cooperation is expected to improve India's access to raw materials and technologies needed to sustain long-term growth in its steel sector, an Indian government statement said.

News.Az 

By Faig Mahmudov