India, US set goal of USD 500 billion trade target by 2030 following meet between US President Donald Trum and Indian PM Narendra Modi :
US President Donald Trump hosted Indian Prime Minister Narendra Modi for an official working visit in Washington, D.C., on Thursday (local time).
During the two-day visit, both nations set an ambitious target to double bilateral trade to USD 500 billion by 2030.
According to a statement from the Prime Minister’s Office (PMO), the leaders pledged to expand trade and investment, aiming to enhance prosperity for their citizens, strengthen their nations, boost economic innovation, and reinforce supply chain resilience.
They committed to deepening the US-India trade relationship, ensuring fair growth, enhancing national security, and generating employment.
As part of this vision, they launched “Mission 500,” setting a bold objective to more than double bilateral trade to USD 500 billion by 2030.
Acknowledging that achieving this goal would require fair and updated trade terms, the leaders announced plans to negotiate the first phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall 2025.
To drive these negotiations forward, senior representatives will be appointed to ensure the trade framework aligns with the aspirations of the COMPACT.
The US and India will adopt a comprehensive strategy to enhance and deepen bilateral trade across goods and services sectors, working towards greater market access, reducing tariff and non-tariff barriers, and integrating supply chains more effectively.
Both leaders welcomed preliminary steps to address trade barriers. The United States acknowledged India’s recent tariff reductions on key American exports, including bourbon, motorcycles, ICT products, and metals, alongside increased market access for agricultural products like alfalfa hay, duck meat, and medical devices.
India, in turn, appreciated US measures facilitating greater exports of Indian mangoes and pomegranates to American markets.
Additionally, both sides pledged to bolster bilateral trade by increasing U.S. exports of industrial goods to India while expanding Indian exports of labor-intensive manufactured products to the United States. They also plan to strengthen trade in agricultural goods.
Furthermore, the leaders committed to fostering opportunities for US and Indian businesses to undertake greenfield investments in high-value industries in each other’s countries.
In this context, they acknowledged ongoing Indian investments in the United States, amounting to approximately USD 7.35 billion. Key contributions include Hindalco’s Novelis manufacturing finished aluminum goods in Alabama and Kentucky, JSW’s steel operations in Texas and Ohio, Epsilon Advanced Materials’ production of critical battery materials in North Carolina, and Jubilant Pharma’s injectable manufacturing facility in Washington. Collectively, these investments support over 3,000 high-quality jobs for American families, according to the statement.
