By 2030, PM Modi and President Trump have set the lofty goal of doubling bilateral trade to $500 billion. This marks a new chapter in US-India relations and coincides with talks on tariffs and a commitment to a mutually beneficial trade agreement.
On February 14, Prime Minister Narendra Modi asserted that the United States and India had agreed to double their bilateral trade to $500 billion by 2030. “The two countries will work on concluding a mutually beneficial trade agreement very soon,” Modi, who is now on a two-day tour of the United States, added.
Speaking at a press conference following a meeting with President Donald Trump in Washington, Modi said.
“We have … set ourselves the target of more than doubling our bilateral trade to attain $500 billion by 2030. Our teams will work on concluding very soon, a mutually beneficial trade agreement,”
Earlier on Friday (Indian time), President Trump greeted Modi in the White House’s West Wing lobby. As they welcomed one another, the two leaders gave each other a firm embrace.
As of 2024, the US is India’s biggest economic partner, but according to a CNN article, India is ranked tenth among US trading partners for the same year. In 2024, the United States and India’s bilateral commerce reached a record of $129.2 billion.
President Trump declared reciprocal tariffs just hours before the summit, stating that the US would impose the same fees as other nations do to it “without exceptions.”
According to Reuters, Modi stated at the news conference that the two nations would collaborate on semiconductors and artificial intelligence while concentrating on building robust supply networks for vital minerals.
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