NEW DELHI: India and the United States have set โMission 500โ for bilateral trade during Indian Prime Minister Narendra Modiโs visit to the U.S.
The goal is to more than double bilateral trade to $500 billion by 2030. To achieve this, both sides committed to deepening economic ties through a multi-sector Bilateral Trade Agreement (BTA), with the first tranche expected to be finalized by fall 2025.
The agreement will focus on increasing market access, reducing tariff and non-tariff barriers, and fostering supply chain integration.
Both countries acknowledged early steps taken to improve trade relations. The United States welcomed Indiaโs recent tariff reductions on American bourbon, motorcycles, ICT products, and metals.
India, in turn, facilitated market access for U.S. agricultural products, including alfalfa hay, duck meat, and medical devices. Additionally, India expressed appreciation for U.S. measures promoting exports of Indian mangoes and pomegranates.
Furthermore, both nations pledged to collaborate on enhancing trade in industrial goods and labor-intensive manufactured products while boosting agricultural trade.
The summit also marked a renewed commitment to increasing investment opportunities between the two nations.
The leaders welcomed ongoing investments by Indian companies in the United States, totaling approximately $7.35 billion, including:
- Hindalcoโs Novelis expanding aluminum goods production in Alabama and Kentucky.
- JSW strengthening steel manufacturing operations in Texas and Ohio.
- Epsilon Advanced Materials developing critical battery materials in North Carolina.
- Jubilant Pharma expanding injectable manufacturing in Washington.
These investments are expected to create over 3,000 high-quality jobs in the United States.
With a shared vision for a stronger economic partnership, both Trump and Modi reiterated their commitment to fostering a mutually beneficial trade relationship.
The leaders pledged to continue leveraging their countriesโ strengths to drive innovation, create jobs, and ensure long-term prosperity for their citizens.
Meanwhile, U.S. President Donald Trump hosted Indian Prime Minister Narendra Modi at the White House, reaffirming the India-U.S. Comprehensive Global Strategic Partnership. Their discussions focused on trade, military collaboration, and technology.
A key outcome was the launch of the โU.S.-India COMPACTโ initiative, aimed at boosting cooperation across critical sectors with measurable results by year-end.
The visit highlighted the growing strategic alignment between the two democracies, emphasizing shared commitments to freedom, the rule of law, and human rights.
Prime Minister Narendra Modi is among the first world leaders hosted by Donald Trump in the Republican leaderโs second term, which began on January 20.
