The two founding Brics members are deepening links on rare earths, innovation and AI to diversify growth beyond the West
The deal on rare earths is particularly significant as Brazil has the world’s second-largest reserves of critical minerals, according to analysts. Rare earths are crucial in the production of goods ranging from smartphones to jet engines.
The increased cooperation between the two founding Brics members is set to build momentum for a multipolar world with developing countries playing a more prominent role in global affairs, according to analysts.
“Brazil is an important partner for India, from Brics to achieving net zero emissions. But more importantly, trade between India and Latin America can be catapulted to a new level,” said Vivek Mishra, deputy director of strategic studies at the Observer Research Foundation.
