Strengthened US-India Trade Relations: A New Era of Economic Collaboration

India and the US are set to negotiate a bilateral trade agreement, potentially doubling their trade to $500 billion by 2030. This move is expected to enhance economic ties by tapping into their competitive strengths. The initiative coincides with India's growing presence in global trade and efforts to boost domestic manufacturing.

The US and India have announced plans to negotiate a bilateral trade agreement that could see their trade volume double to USD 500 billion by 2030. Such an agreement aims to enhance economic ties, leveraging the competitive strengths of both nations, said India's Commerce and Industry Minister Piyush Goyal.

The announcement follows Prime Minister Narendra Modi's recent visit to Washington, where discussions were held to finalize the trade deal by fall 2025. Minister Goyal emphasized that the agreement instills confidence among businesses, promising significant benefits through reduced customs duties and streamlined trade norms.

This initiative is part of India's broader strategy to forge trade agreements globally, particularly with developed nations. India is actively pursuing new trade partnerships, including the European Free Trade Association (EFTA) and the UAE, highlighting its expanding role on the global economic stage.

(With inputs from agencies.)