India and the US Chart Path to $500 Billion Trade Milestone

India and the US aim to double their trade to $500 billion by 2030, focusing on increasing market access, reducing tariffs, and enhancing supply chain integration. Both countries plan to negotiate a comprehensive Bilateral Trade Agreement to strengthen and broaden their economic ties, despite the backdrop of reciprocal tariffs imposed by the US.

India and the US are putting efforts to significantly bolster their trade relations, with a target to double trade figures to $500 billion by 2030. Minister of State for Finance Pankaj Chaudhary highlighted these objectives, aiming for enhanced market access, tariff reductions, and improved supply chain integration.

In a recent reply to the Lok Sabha, Chaudhary emphasized India's commitment to broadening bilateral trade ties with the US, ensuring the negotiations are mutually beneficial and equitable. The focus shifts on negotiating a multi-sector Bilateral Trade Agreement to cement these relations.

Amid these engagements, US President Donald Trump's 'America First' policy has led to the imposition of reciprocal tariffs starting April 2, affecting trade dynamics with partners, including India. This development sets a complex stage for the ongoing trade discussions.

(With inputs from agencies.)