New Delhi: Prime Minister Narendra Modi announced that India and the United States are set to double their bilateral trade to $500 billion by 2030. This decision was made following discussions between PM Modi and US President Donald Trump, underscoring the growing economic and strategic ties between the two nations.
Strengthening Bilateral Cooperation in Key Areas
Addressing a joint press conference, PM Modi highlighted the comprehensive nature of India-US cooperation, spanning key areas such as defense, artificial intelligence, energy, and trade. Emphasizing the shared vision of economic progress, he compared India’s ‘Viksit Bharat’ vision to Trump’s ‘Make America Great Again’ (MAGA) slogan, stating that MIGA (Make India Great Again) and MAGA together create a MEGA partnership for prosperity.
Expanding Trade Ties
The United States remains India’s largest trading partner, with bilateral trade reaching $129.2 billion in 2024. As part of their efforts to enhance economic collaboration, both countries have committed to expanding trade in oil, gas, and renewable energy investments. PM Modi stressed that the US plays a crucial role in India’s defense preparedness, and the two nations are actively working on joint development, production, and technology transfer. He also announced the launch of an Autonomous Systems Industry Alliance, which will drive technological advancements in defense over the next decade.
Trump reaffirmed the US commitment to restoring its position as a leading supplier of oil and gas to India. He also emphasized that this partnership will generate significant economic benefits for the US civilian nuclear industry.
Defense and Strategic Cooperation
In a major boost to defense collaboration, Trump confirmed that the US is paving the way for the eventual sale of F-35 fighter jets to India. He also highlighted the growing partnership in security and defense manufacturing, emphasizing joint efforts to enhance India’s military capabilities.
Development of IMEC Trade Corridor
India and the US have also committed to working together on the India-Middle East-Europe Corridor (IMEC), a major trade initiative that aims to strengthen global connectivity. The corridor will link India to Israel, Italy, and the US through roads, railways, and undersea cables, creating one of the most significant trade routes in modern history.
Both leaders expressed confidence that the strengthened India-US partnership will drive global economic growth, technological innovation, and geopolitical stability in the coming years.
Discussion about this post