Boosting Ties
India, US targeting $500 bln bilateral trade by 2030, says PM Modi
This story was originally published at 08:24 IST on 14 February 2025
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NEW DELHI - India and the US on Thursday decided to set a target of increasing their bilateral trade to $500 billion by 2030, Prime Minister Narendra Modi said during a joint press conference with President Donald Trump at White House in Washington, D.C.
"We have set a target of more than doubling our bilateral trade to attain $500 billion by 2030. Our teams will work on concluding very soon mutually beneficial trade agreement," Prime Minister Modi said. According to the Ministry of External Affairs, US is the largest trading partner of India with overall bilateral trade in goods and services of $190.1 billion for calendar year 2023.
Prime Minister Modi, who is on a two-day visit to the US, held bilateral talks with President Trump at the White House on Thursday. This marked the prime minister's first meeting with Trump after the latter's return as the president of the US for a second term.
In order to ensure India's energy security, the two countries have decided to focus on trade in oil and gas, Modi said, adding that investment in the energy sector will also increase.
"In the nuclear energy sector, we spoke about deepening our cooperation, in the direction of small modular reactors. America plays a key role in India's defence preparedness. As strategic and trusted partners, we are actively moving forward in the direction of joint development, joint production and transfer of technology. In the coming days, new technology and equipment will increase our capacity," Modi said.
President Trump also announced that both leaders have arrived on an important agreement to make the US the leading supplier of oil and natural gas to India. President Trump also highlighted India's reform of laws to welcome US nuclear technology.
"The Prime Minister and I also reached an important agreement on energy that will ensure the US to be the leading supplier of oil and natural gas to India, hopefully, the number one supplier. In the groundbreaking development for the US nuclear industry, India is also reforming laws to welcome US nuclear technology, which is at the highest level in the Indian market," Trump said. He further said that India and the US are working very closely in the sector of artificial intelligence.
President Trump also said that the US will increase its military sales to India by billions of dollars, including supplying the F-35 fighter jet to India. "Starting this year, we will be increasing military sales to India by many billions of dollars. We are also paving the way to ultimately provide India with the F-35, Stealth fighters," Trump said.
Noting the recent decision of the Indian government pertaining to reduction in tariffs, Trump said that the trade tariff with India is almost $100 billion. "We discussed this... We want a certain level of playing field...," Trump said.
The US president also announced that his administration has approved the extradition of 2008 Mumbai terrorist attack plotter Tahawwur Rana to India.
"I am pleased to announce that my administration has approved the extradition of one of the plotters (Tahawwur Rana) and one of the very evil people of the world, having to do with the horrific 2008 Mumbai terrorist attack to face justice in India. He is going back to India to face justice," Trump said, adding that India and the US stand together in fight against terrorism.
Thanking Trump for the extradition of Rana, Modi said the partnership and cooperation between India and the US can shape a better world. Modi reiterated India's stand on the Russia-Ukraine war, saying that India is on the side of peace and believes that issues should be resolved through dialogue and diplomacy and not on the battlefield. End
US$1 = INR 86.89
Reported by Kuldeep Singh
Edited by Tanima Banerjee
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