Mission 500: India-US Trade Ambitions Soar

India and the US aim to double their bilateral trade to USD 500 billion by 2030 with a planned bilateral trade agreement, focusing on reducing duties and enhancing market access. The move comes as both nations strive for fair trade, job creation, and strengthened economic ties.

India and the United States have set an ambitious target to more than double their bilateral trade to USD 500 billion by 2030, announcing discussions for a new trade agreement aimed at reducing duties and improving market access.

In a joint statement, Indian Prime Minister Narendra Modi and US President Donald Trump revealed plans for a wide-ranging Bilateral Trade Agreement focused on fostering a fair, secure trade relationship that also generates employment. The initiative, dubbed 'Mission 500,' targets multi-sector opportunities by 2025.

The announcement follows historically imbalanced trade relations, with recent steps indicating mutual commitments to aligning trade barriers. In 2023, the bilateral trade stood at USD 190.08 billion, skewed in India's favor. Both nations seek to amend tariffs and escalate market entry in mutually beneficial sectors.

(With inputs from agencies.)