US-India 'Mission 500': Aiming for Trade Transformation

India and the US have set an ambitious goal to more than double their bilateral trade to USD 500 billion by 2030. The initiative follows talks between President Trump and Prime Minister Modi focusing on strengthening ties in key sectors, despite disagreements over tariffs and market access.

In a significant development, India and the US have agreed to finalize the first phase of a colossal trade agreement by the end of this year. The aim is to boost their annual trade to a staggering USD 500 billion by 2030, despite President Trump's insistence on imposing reciprocal tariffs on New Delhi.

Prime Minister Narendra Modi's visit to the White House for discussions with President Trump highlighted key issues, notably tariffs, as a new reciprocal tariff policy was unveiled by the US for its trading partners, including India.

The talks led to the launch of 'US-India COMPACT', an initiative to drive considerable changes across military partnerships, commerce, and technology, addressing existing trade barriers while promoting lucrative growth opportunities in both nations.

(With inputs from agencies.)