Modi and Lula met on the sidelines of the summit of the G7 advanced economies in Hiroshima.
"The talks with President Lula were productive and wide-ranging. India and Brazil will keep working together to deepen trade ties. We also discussed diversifying cooperation in sectors like agriculture, defence and more," Prime Minister Modi tweeted.
In a tweet, Ministry of External Affairs Spokesperson Arindam Bagchi said, "Cementing bonds of friendship. PM Narendra Modi met President Lula of Brazil in Hiroshima. Discussed ways to further deepen the India-Brazil Strategic Partnership, especially in sectors of defence production, trade, pharmaceuticals, agriculture, dairy and animal husbandry and renewable energy."
In a statement, MEA said that this was the first meeting between the two leaders.
During the meeting, the two leaders noted that this year marked the 75th anniversary year of establishment of diplomatic relations.
"They reviewed their strategic partnership, and discussed ways to further deepen it, especially in sectors of defence production, trade, pharmaceuticals, agriculture, dairy and animal husbandry and bio-fuels and clean energy. Both leaders emphasized the need to organise a high-level meeting of business leaders from both countries," the statement read.
The MEA said that the leaders exchanged views on regional developments. "They emphasised the importance of continued cooperation in multilateral platforms, and the long-standing need of reform of multilateral institutions," it said.
"Prime Minister looked forward to welcoming President Lula in India for the G-20 Summit in September this year," it added. (IANS)