Prime Minister Narendra Modi on Friday said the US and India are working on a new trade agreement, that will increase Indian imports of American energy and promote technological cooperation.
"Our teams are working on a trade agreement that will increase our coal and gas trade with US, energy infrastructure, increasing small nuclear power plant infra and also improve joint production and joint transfer of technology," PM Modi said in a press conference alongside US President Trump.
The two leaders are working on a framework to strengthen both sides economically. Trump flagged the US' $100 billion trade deficit with India and talked to PM Modi on steps to reduce that.
"We want a level playing field and we can easily make up that deficit with the sale of oil and gas. India is reforming its laws to welcome US nuclear energy. Advanced technologies, AI to be developed jointly by India and US," Trump said.
He said PM Modi, as a symbol of good faith, recently announced the reductions to India's "unfair, very strong tariffs", that limit US access into the Indian markets.
"India imposes 30-40-60-70% tariffs on so many of the goods; as an example 70% tariffs on American cars, which makes it pretty much impossible to sell those cars," he said.
The US has also offered to sell the advanced F-35 stealth fighters to India. "The US-India compact will deepen every aspect of our partnership and our friendship. Starting this year, we will increase our military sales to India by many billions of dollars," Trump said.
India and the US have agreed to work together to help build "one of the greatest trade routes in history", wherein a network of ports, railways and undersea cables will link India, Israel, Italy and the US, Trump said.
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