On February 21, India and Brazil signed an agreement in New Delhi to expand cooperation in mining and minerals, aiming to meet India's growing steel demand and support capacity expansion amid a global race for raw materials.

In a statement, the Indian government indicated that the cooperation will focus on attracting investment in exploration, mining, and infrastructure for the steel sector.

Indian Prime Minister Narendra Modi stated that the two countries are committed to increasing bilateral trade to US$20 billion in the next five years, up from approximately US$15 billion currently. Brazil is India's largest trading partner in Latin America.