India-US Eye $500B Bilateral Trade By 2030: PM Modi After Meeting President Trump

(MENAFN- Live Mint) Prime Minister Narendra Modi claimed on February 14 that India and the United States have jointly set a target of doubling their bilateral trade to $500 billion by 2030. Modi, who is on a two-day US tour, also said that the two nations will work on concluding a mutually beneficial trade agreement very soon.

"We have ... set ourselves the target of more than doubling our bilateral trade to attain $500 billion by 2030. Our teams will work on concluding very soon, a mutually beneficial trade agreement,” Modi said speaking at a press conference after a meeting with President Donald trump in Washington.

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Earlier, President Trump welcomed Modi at the West Wing lobby in the White House in Washington , DC on Friday (Indian time). The two leaders exchanged a warm hug as they greeted each other.

US India's largest trade partner

The US is India's largest trade partner as of 2024, yet India ranks tenth in the list of US trading partners for the same year, according to a report in CNN. The bilateral trade between the US and India stood at $129.2 billion in 2024, a record for the partnership,

Barely hours before the meeting, President Trump announced reciprocal tariff , saying that the United States would levy the same charges as countries impose on it 'without exceptions.'

The two countries would work together on artificial intelligence and semiconductors and focus on establishing strong supply chains for strategic minerals, Modi said at the press conference, Reuters reported.

Also Read | 'India has more tariffs,' says President Trump ahead of meeting with PM Modi

A Trump administration official told reporters earlier that US and Indian officials were also moving forward with talks on a bilateral trade deal and they hoped to strike a deal this year, the Reuters report said.

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