India, US set USD 500 billion target for bilateral trade by 2030, says PM Modi

Prime Minister Narendra Modi said on Thursday (local time) that India and the US have set a USD 500 billion target for bilateral trade by 2023 and added that the teams of two nations will work together to finalise a mutually beneficial trade agreement.

While addressing a joint press conference alongside US President Donald Trump, PM Modi said that the people of the US are aware of Trump’s motto MAGA while the people of India are moving towards the goal of Viksit Bharat 2047. He said that India and the US will strengthen the oil and gas trade to ensure India’s energy security.

PM Modi said, “The people of America are well aware of President Trump’s motto ‘MAGA – Make America Great Again.’ The people of India too are focusing on heritage and development as they move forward at a fast pace and with a firm resolve towards the goal of Viksit Bharat 2047. In the language of America, it’s Make India Great Again – MIGA. When America and India work together, this MAGA plus MIGA becomes a ‘mega partnership for prosperity’ and it is this mega spirit that gives new scale and scope to our objectives. Today, we have also set a target to increase our bilateral trade to more than double, reaching USD 500 billion by 2030. Our teams will work on finalising very soon a mutually beneficial trade agreement.”

He announced that India and the US are moving forward in the direction of joint development, joint production and transfer of technology. He said that the partnership and cooperation between India and the US together can shape a better world.

“We will strengthen oil and gas trade to ensure India’s energy security. In the energy infrastructure, investment will increase. In the nuclear energy sector, we spoke about deepening our cooperation, in the direction of small modular reactors. America plays a key role in India’s defence preparedness. As strategic and trusted partners, we are actively moving forward in the direction of joint development, joint production and transfer of technology. In the coming days, new technology and equipment will increase our capacity,” he said.

Expressing gratitude to Trump for a warm welcome and great hospitality, PM Modi said, “First of all I thank my friend Donald Trump for the warm welcome and great hospitality. President Trump has cherished the relationship between India and US and made it lively, through his leadership. During his first term, we worked together, the same enthusiasm, energy and dedication, I experienced today as well. In today’s discussion, we spoke about our achievements during his first term and deep mutual trust and there was also a resolution to achieve new goals. We also believe that partnership and cooperation between India and the US together can shape a better world.”

Prime Minister Narendra Modi and US President Donald Trump shared a hug as the latter welcomed the former at the White House on Thursday (local time). Trump and PM Modi warmly greeted each other and shook hands. While meeting PM Modi, Trump said, “We missed you, we missed you a lot.”

The Prime Minister is among the first few world leaders to visit the United States following President Trump’s inauguration. He has been invited to visit within three weeks of the new administration taking office.