US President Donald Trump hosted Prime Minister Narendra Modi for a two-day official working visit in Washington DC, where the two leaders set an ambitious goal to more than double bilateral trade, targeting USD 500 billion by 2030.
A statement from the Prime Minister’s Office (PMO) highlighted that both leaders agreed to expand trade and investment, aiming to make their economies more innovative, resilient, and secure while creating jobs and strengthening national prosperity. This bold vision, termed “Mission 500,” seeks to elevate India-US trade to unprecedented levels by 2030.
Acknowledging the scale of the ambition, the leaders pledged to negotiate the first phase of a mutually beneficial Bilateral Trade Agreement (BTA) by fall 2025. They also agreed to designate senior representatives to oversee the negotiations, ensuring that the trade relationship aligns with their shared aspirations for growth and fairness.
The BTA will focus on an integrated approach to enhance trade across both the goods and services sectors. Key objectives include increasing market access, reducing tariff and non-tariff barriers, and enhancing supply chain integration.
Both nations also took initial steps to demonstrate their commitment to removing trade barriers. The United States welcomed India’s recent measures to reduce tariffs on products like bourbon, motorcycles, ICT products, and metals, along with increasing market access for U.S. agricultural exports, including alfalfa hay, duck meat, and medical devices. India also praised U.S. actions to support the export of Indian mangoes and pomegranates to the U.S.
Looking ahead, both countries committed to strengthening bilateral trade in agricultural goods and increasing U.S. exports of industrial goods to India, as well as expanding Indian exports of labor-intensive manufactured products to the U.S.
Additionally, the two leaders emphasized the importance of greenfield investments, with a focus on high-value industries in both countries. The statement pointed to ongoing Indian investments in the U.S., such as Hindalco’s Novelis in Alabama and Kentucky, JSW’s steel operations in Texas and Ohio, Epsilon Advanced Materials in North Carolina, and Jubilant Pharma’s facility in Washington. These investments, totaling approximately USD 7.35 billion, support over 3,000 high-quality jobs for local communities.