The decision to raise the level of bilateral cooperation came at a meeting between Prime Minister Narendra Modi and President Dilma Rousseff.
The two countries strengthened their bilateral relations by agreeing to expand and diversify trade and investment flows as they signed three agreements including in the field of environment protection and cooperation in space.
In a special gesture, the host rolled out the red carpet and received Modi, who is not here on a bilateral visit, with full military honours at the Presidential Palace before their meeting over breakfast.
The External Affairs Ministry later said in a statement that the two leaders agreed to take steps to further expand and diversify trade and investment flows and deepen cooperation in agriculture and dairy science, convention and renewable energy, space research and application, defence, cyber security and environment conservation.
They also agreed to intensify their cooperation in international forums and multilateral institutions including the G20.
As leaders of G4 countries, Modi and Roussef called for urgent progress on reforms of the United Nations, including the Security Council, by the time of the 70 the anniversary of the UN in 2015.