**Washington**: Prime Minister Narendra Modi and President Donald Trump have agreed to advance negotiations on a multi-sector Bilateral Trade Agreement aimed at enhancing trade and investment, targeting USD 500 billion by 2030, while fostering economic cooperation across key sectors like energy, defence, and technology.
Prime Minister Narendra Modi of India and United States President Donald Trump have reached an agreement to advance negotiations on a multi-sector Bilateral Trade Agreement (BTA). This development, as reported by sources, aims to enhance trade and investment between the two nations, thereby fostering prosperity for their citizens and strengthening both economies.
Details shared by the Prime Minister’s Office indicate that the BTA, which is expected to be finalised by February 2025, seeks to boost market access, lower tariffs, and streamline non-tariff barriers, while also integrating supply chains. As part of the commitment to this agreement, both leaders have decided to appoint senior representatives to facilitate the negotiation process. This initiative highlights their determination to enhance trade relations and economic cooperation, which has been a key aspect of their discussions, especially following a recent meeting where they set an ambitious target.
Visiting Washington from March 3 to 6, 2025, an Indian delegation led by Commerce and Industry Minister Piyush Goyal engaged with senior US officials, including the US Commerce Secretary and the US Trade Representative. These meetings are integral to achieving the broader objective of elevating bilateral trade to USD 500 billion by 2030, a goal that was underscored during Modi’s earlier visit to Washington in February.
The BTA is poised to have a significant impact across various sectors, notably including energy, defence, and technology, thereby potentially creating numerous opportunities for businesses in both countries. Modi and Trump’s pact comes amidst a backdrop of India’s recent efforts to reduce its average applied tariffs for key developed countries, such as Australia, the UAE, Switzerland, and Norway, as part of other trade agreements.
In the context of these developments, the ongoing discussions with the United States are set against the framework of similar negotiations taking place with partners including the European Union and the United Kingdom. The strategic efforts outlined by both leaders aim to establish a deeper trade relationship that is equitable, secure, and conducive to job creation. The ambitious initiative to double trade, referred to as “Mission 500,” emphasises the commitment to fostering economic ties that support mutual growth.
Source: Noah Wire Services
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