Mission 500: India and US Set Bold Trade Target

India and the US aim to finalize a trade pact's first phase by year-end, targeting $500 billion in annual bilateral trade by 2030. Presidents Modi and Trump discussed tariffs and market access, agreeing to boost imports and exports in sectors like energy and manufacturing to reduce the trade deficit.

In a landmark move, India and the United States have agreed to finalize the first phase of an ambitious trade pact by year-end, setting an audacious target of $500 billion in bilateral trade by 2030. President Donald Trump, however, emphasized that Washington will maintain reciprocal tariffs against New Delhi.

The intricacies of trade and tariffs were key discussion points in a meeting between President Trump and Indian Prime Minister Narendra Modi, held just hours after Trump introduced a new policy on reciprocal tariffs for U.S. trading partners. At a joint briefing, Trump announced a deal facilitating increased imports of U.S. oil and gas by India to help bridge Washington's trade deficit.

The leaders collectively addressed trade barriers and committed to enhancing bilateral trade, particularly in goods and services. They announced plans to negotiate a comprehensive, mutually beneficial Bilateral Trade Agreement (BTA) by 2025, focusing on tariff reduction and supply chain integration, while promoting market access for both countries.

(With inputs from agencies.)