Brasilia [Brazil], October 20 (ANI): Brazilian President Luiz Inacio Lula da Silva has announced plans to form a 'strategic alliance' with India aimed at fostering political, economic, and technological cooperation between the two nations.

In a video message posted on X on Saturday (local time), following the conclusion of Vice President Geraldo Alckmin's recent visit to India, Lula emphasised the importance of strengthening bilateral ties with New Delhi.

'The visit of Vice President Geraldo Alckmin to India, in preparation for my trip early next year, is very important because India has an exceptional market. We can have a fantastic alliance with India - political, space, entrepreneurial, and economic,' Lula said.

'So, I think it was an extraordinary job, and the Indians like Brazil, and Brazilians like Indians. Therefore, we will create a strategic alliance with India and develop both Brazilian and Indian economies,' he added.

The Brazilian President's remarks came a day after Alckmin's visit to India aimed at further deepening the partnership between the two nations and also to set the stage for Lula's upcoming state visit to India next year, continuing the implementation of the roadmap outlined during the Modi-Lula summit in July.

Lula in the post also stated that the Vice President's visit focused on strengthening business relations, as numerous Brazilian companies are interested in entering the Indian market.

He also mentioned that Alckmin came back from India 'with a lot of updates' and that he only brings 'good news', including the opening of an office of Brazilian aerospace company Embraer, as well as the implementation of an e-visa to facilitate business travel, and the establishment of new partnerships.

'Geraldo Alckmin is a vice president who only brings me good news. He returned from India with lots of updates: Embraer opening an office there, electronic visas to facilitate business, and new partnerships,' he stated.

During his visit to India, Alckmin clarified that India's and Brazil's cooperation is complementary and is not competitive.

Alckmin, responding to ANI's question on the positioning of India and Brazil as alternative markets for each other amid tariffs by the US, said that both countries are democracies, and they are not competitors.

'We are not going to compete on product, we are going to have economic complementarity,' he said.

Alckmin further said that both countries have the potential to grow and that, independent of US tariffs, both nations have investment opportunities.

'Independent of the American question, we are talking about two countries, two democracies, two countries that defend multilateralism, two countries of continental dimensions, both Brazil and India, that have everything to make trade grow, to make more investments grow. India is one of the fastest-growing countries in the world, at 7 per cent, or even more, in the growth of its economy. Brazil this year is having an agricultural harvest that is 16 per cent superior, so there is a lot of possibility for complementarity: in the area of technology, industrial area, mining, agro... We are not going to compete on product; we are going to have economic complementarity,' he said.

In August, US President Donald Trump imposed a 50 per cent tariff on several Brazilian goods, which already had a 26.4 per cent levy. Trump's tariffs on India are up to 50 per cent on most exports, among the highest for any US trading partner.

Meanwhile, economic engagement between India and Brazil has continued to grow.

During Prime Minister Narendra Modi's state visit to Brazil in July, the two leaders set a target of raising bilateral trade to USD 20 billion within five years.

In FY 2024-25, merchandise trade between the two nations reached USD 12.19 billion, making Brazil India's largest trading partner in Latin America and the Caribbean, according to the Ministry of Commerce and Industry. (ANI)