The two countries also agreed to further strengthen the bilateral strategic partnership and exploit full potential in areas such as trade, education, defence, space and nuclear energy.
During their 90-minute talks, Prime Minister Manmohan Singh and Brazilian President Dilma Rousseff also set a trade target of 15 billion dollars by 2015 and noted that bilateral trade and investment had grown by leaps and bounds. The two sides also signed six documents to enhance cooperation in the fields of science and technology, education and culture.
Noting that India and Brazil had emerged as "new growth poles" of the evolving global economy, Singh said he and Rousseff agreed to enhance consultations on reform of global governance system, particularly in the context of UN reforms and in the G-20 process. "We have agreed to step up our efforts, particularly towards the reform of the United Nations Security Council as G-4 partners," the Prime Minister said.
The two leaders also undertook a comprehensive review of bilateral relations, including the work of the inter-governmental Joint Commission Meeting which met last December in New Delhi.
"We directed our officials to take specific steps to exploit the full potential in areas such as trade, education, science and technology, environment, defence, space and nuclear energy," the Prime Minister said.
Singh said he discussed various global developments with Rousseff and there was high degree of convergence in their perspectives. "We are convinced that a resolution to the crisis in West Asia can only be achieved through dialogue and consultations," Singh said.
Noting that the two countries shared common perspectives on envrionmental issues, Singh assured Rousseff of India`s full support to make the Rio+20 Conference on sustainable development to be hosted by Brazil in June a success.
Noting that bilateral trade and investment flows have grown by leaps and bounds, Singh said he and Rousseff were in "full agreement that these can be enhanced even further."
"We agreed to take measures to promote greater business interaction," he said.
The two countries also decided to reconstitute the India-Brazil CEOs Forum. Bilateral trade reached an unprecedented figure of USD 9.2 billion in 2011. India and Brazil also agreed to exchange experiences in the field of implementing various social welfare programmes.
Singh appreciated Rousseff`s initiatives `Science without Borders` which is aimed at upgrading scientific and technological talent. "We look forward to receiving Brazilian students in our institutes of science and engineering," he said. A Memorandum of Understanding in this regard was signed after the meeting of the two leaders.