Mumbai, Feb. 23 -- Brazilian President Mr Luiz Inacio Lula da Silva said that bilateral trade between India and Brazil could reach $30 billion by 2030 - doubling current volumes - as he addressed the India-Brazil Business Forum. The declaration came against a backdrop of rapidly deepening ties. Bilateral trade stood at a mere $2.4 billion in 2006 when both nations formalised their strategic partnership. It has since risen to $15 billion - a 25 per cent increase last year alone - yet both leaders described the figure as falling well short of potential.

"The distance between Brazil and India is merely a detail in the face of the potential of friendship between our two nations," said Lula, adding that both countries had for too long directe...