India, US to double bilateral trade to $500 billion by 2030

The leaders pledged the trade ties to foster growth, ensuring national security, job creation

- PTI [e-mail] WASHINGTON

India and the US have resolved to more than double the two-way trade to $500 billion by 2030 and announced plans for a bilateral trade agreement with a view to bringing down duties and increase market access.

According to the joint statement issued after the meeting of Prime Minister Narendra Modi and US President Donald Trump in Washington, the two leaders have also pledged the bilateral trade relationship to promote growth that ensures fairness, national security and job creation.

"To this end, the leaders set a bold new goal for bilateral trade—Mission 500—aiming to more than double total bilateral trade to $500 billion by 2030.

Recognizing that this level of ambition would require new, fair-trade terms, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025," it said.