India, the United States committed to boosting trade to Rs. 43,47,500 crore (US$ 500 billion) by 2030: Union Minister of Commerce and Industry, Mr. Piyush Goyal

India and the United States (US) are focused on boosting their bilateral trade to Rs. 43,47,500 crore (US$ 500 billion) and finalizing a comprehensive trade agreement within the next six to eight months, as announced by India's Union Minister of Commerce and Industry, Mr. Piyush Goyal. This goal follows the recent visit of Prime Minister Mr. Narendra Modi to Washington, where both nations set an ambitious target to more than double their trade to Rs. 43,47,500 crore (US$ 500 billion) by 2030. As part of this effort, they plan to negotiate the first phase of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by the fall of 2025. Mr. Piyush Goyal highlighted that both countries are eager to formalize the agreement once the new US trade leadership takes charge, and detailed discussions on the pact will follow once confirmed.

In 2023, India and the US had total bilateral trade of Rs. 16,52,745 crore(US$ 190.08 billion), with India exporting goods worth Rs. 7,28,380 crore (US$ 83.77 billion) and importing Rs. 3,48,843 crore (US$ 40.12 billion), resulting in a favorable trade balance of Rs. 3,79,536 crore (US$ 43.65 billion) for India. The services trade also saw a surplus for India, with exports valued at Rs. 3,15,889 crore (US$ 36.33 billion) and imports at Rs. 2,59,632 crore (US$ 29.86 billion). The US has been India's largest trading partner from 2021 to 2024, and it is one of the few countries with which India enjoys a trade surplus. Additionally, India received Rs. 5,89,521 crore (US$ 67.8 billion) in foreign direct investments (FDI) from the US between April 2000 and September 2024. With these strong trade relations, the countries aim to eliminate barriers, ease norms for trade in services, and increase investments through a new trade agreement.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.