US-India Set Ambitious Target for Trade Growth

Prime Minister Modi and President Trump push for a Bilateral Trade Agreement, set to enhance trade ties and double bilateral trade to USD 500 billion by 2030. Aimed at reducing tariffs, increasing market access, and improving supply chains, this agreement promises economic growth for both nations.

Prime Minister Narendra Modi and US President Donald Trump have reached a consensus to expedite the negotiations on a multi-sector Bilateral Trade Agreement (BTA), according to insider reports. Slated for finalization by February 2025, this agreement seeks to amplify market access, cut tariffs, lower non-tariff barriers, and foster deeper integration of supply chains.

Senior representatives from both nations have been appointed to accelerate these negotiations, underscoring a shared resolve to fortify trade relations and boost economic collaboration, sources confirmed on Saturday. Anticipated to influence various sectors, including goods and services, the BTA aims to streamline trade, generating new business prospects.

An Indian delegation led by Commerce and Industry Minister Piyush Goyal convened with US officials, including the US Commerce Secretary and the US Trade Representative in Washington from March 3 to 6, 2025. This initiative forms part of a comprehensive strategy to escalate bilateral trade to USD 500 billion by 2030, with an emphasis on energy, defense, and technology sectors.

India, having recently reduced tariffs with multiple developed nations like Australia and Switzerland, is also engaged in similar discussions with the European Union and the UK. The US-India discussions are progressing within this wider context, sources indicated.

In a bold move earlier this year, Prime Minister Modi's visit to Washington, DC, saw the leaders set the ambitious objective to double bilateral trade to USD 500 billion by 2030. The statement from the Prime Minister's Office underlined their commitment to enhancing trade and investment, thereby fostering prosperity and strengthening national economies. As part of this bold vision, termed 'Mission 500,' both parties aim to strengthen the bilateral trade relationship, emphasizing elements such as fairness, national security, and job creation.

(With inputs from agencies.)