Trump-Modi Meet: India, US Set $500 Billion Trade Target By 2030

US President Donald Trump and Indian Prime Minister Narendra Modi, in a joint meeting on Thursday, announced a series of initiatives aimed at deepening the bilateral relationship between the two countries. The event emphasised the growing partnership, spanning economic, defence, and technological collaboration.

With economic collaborations taking the centre stage, both the leaders have decided to double the bilateral trade to $500 billion by 2030, with a focus on energy, defence, and technology cooperation. Modi also highlighted initiatives like the I-MEECH economic corridor, collaboration in space through ISRO and NASA, and strengthened supply chains for critical minerals.

Prime Minister Modi also announced plans to launch an Autonomous Systems Industry Alliance, with a framework for defence cooperation that will shape the coming decade.

Modi described the meeting as the beginning of a 'Mega' partnership, symbolising the integration of 'MAGA' (Make America Great Again) and 'MIGA' (Make India Great Again).

President Trump highlighted the announcement of a framework to bolster economic ties, underscoring the plan to increase US military sales to India by billions of dollars, including the prospect of providing India with the advanced F-35 stealth fighters.

Trump also spoke about plans to boost energy sales, including oil and gas. He said he wants India to buy more crude oil and natural gas from the US.

He emphasised the strategic importance of strengthening the Quad alliance, to maintain peace and prosperity in the Indo-Pacific region. Trump also lauded the approval of the extradition of one of the key perpetrators of the 26/11 Mumbai attacks, reaffirming the commitment to combat global terrorism.

The US president further addressed trade imbalances, mentioning India's high tariffs on American goods, which hindered trade, especially in sectors like automotive exports. He expressed hope that through discussions, both nations would work toward reducing the nearly $100 billion trade deficit, with potential for energy trade to bridge the gap.

Trump also acknowledged India's efforts in nuclear energy reform, alongside joint ventures in advanced technologies like AI, semiconductors, and biotech.

“India is also reforming its laws to welcome US nuclear technology, which is at the highest level, into the Indian market. This will bring safe, clean, and affordable electricity to millions of Indians,” said the US President.