During PM Modi's two-day visit, India and the United States set an ambitious goal to double bilateral trade to USD 500 billion by 2030
As per the statement from the Prime Minister's Office (PMO), the leaders resolved to expand trade and investment to make their citizens more prosperous, nations stronger, economies more innovative and supply chains more resilient
They resolved to deepen the trade relationship between both nations to promote growth that ensures fairness, national security and job creation
The leaders set a bold new goal for bilateral trade called "Mission 500", which aims to double the total bilateral trade to USD 500 billion by 2030
The leaders recognising that this would require new, fair-trade terms, have announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall 2025
Both leaders committed to designate senior representatives to advance these negotiations and to ensure that the trade relationship fully reflects the aspirations of the COMPACT
To advance this innovative, wide-ranging BTA, both nations will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration
The leaders welcomed initial steps to demonstrate a mutual commitment to address bilateral trade barriers
The United States welcomed India's recent call to lower tariffs on U.S. products of interest in the areas of bourbon, motorcycles, ICT products and metals, as well as measures to enhance market access for U.S. agricultural products, like alfalfa hay and duck meat, and medical devices
India also hailed US measures taken to enhance exports of Indian mangoes and pomegranates to their country. The two sides will also work together to increase trade in agricultural goods, the statement read
Both sides also pledged to collaborate to enhance bilateral trade by increasing U.S. exports of industrial goods to India and Indian exports of labour-intensive manufactured products to the United States
Finally, the leaders committed to driving opportunities for US and Indian companies to make greenfield investments in high-value industries in each other's countries
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