Feb. 21 (UPI) -- Leaders from Brazil and India agreed on Saturday to increase bilateral trade between the two countries, including a deal for rare earth elements, which are essential for production of certain electronics.
Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Dilva agreed boost trade between their countries to beyond the $20 billion level over the next five years as the they look to "deepen" trade ties between them, Anadolu Ajansi reported.
Additionally, the leaders also agreed on a framework deal for rare Earth's, which Bloomberg reported will help India reduce its reliance on China for the minerals, which are critical for electronics, clean energy and defense production.
Lula, who arrived in New Dheli on Wednesday for a state visit, has also participated in India's AI summit and a Brazil-India Business Forum, amid meetings with Modi and other Indian leaders.
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