US and India set $500bn trade target under ‘Mission 500’
KIRAN DEEP
The North News
New Delhi, February 14
US President Donald Trump has praised Prime Minister Narendra Modi’s negotiation skills, calling him “much tougher” and “much better” than himself. Speaking at a joint press conference following high-level talks at the White House in the US, Trump was asked who was the tougher negotiator. “Modi is a much tougher negotiator than me, and he is a much better negotiator than me. There is not even a contest,” he said. The two leaders committed to expanding trade and investment, aiming to strengthen their economies and enhance supply chain resilience. A key announcement was the launch of “Mission 500,” an ambitious goal to double bilateral trade to $500bn by 2030.
They also pledged to fully implement the US-India 123 Civil Nuclear Agreement, advancing plans for US-designed nuclear reactors in India. The move follows India’s budgetary commitment to amending its Atomic Energy Act and Civil Liability for Nuclear Damage Act, facilitating cooperation between Indian and US firms in nuclear energy.
Recognising the need for fairer trade terms, both sides agreed to negotiate a Bilateral Trade Agreement (BTA) by late 2025. Senior representatives will lead discussions to improve market access, reduce tariffs, and integrate supply chains. Initial steps include India lowering tariffs on US goods such as bourbon, motorcycles, ICT products, and metals, while the US enhances market access for Indian mangoes and pomegranates.
The investment was another key focus, with Indian companies committing $7.35bn in US projects, including Hindalco’s aluminum facilities, JSW’s steel operations, and Jubilant Pharma’s injectable manufacturing. These investments are expected to generate over 3,000 jobs.
The leaders reaffirmed their commitment to energy security, emphasising US-India collaboration on oil, gas, and civil nuclear energy. They also discussed expanding strategic petroleum reserves and enhancing trade in hydrocarbons, including liquified natural gas, ethane, and petroleum products. Trump reiterated US support for India’s full membership in the International Energy Agency, reinforcing their partnership in securing global energy stability.
