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India, US set USD 500 bn trade target; announce plans to negotiate mega trade pact
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....ndia, US set USD 500 bn trade target; announce plans to negotiate mega trade pact<BR>PTI News<BR>Dated:- 14-2-2025<BR>PTI<BR>Washington, Feb 14 (PTI) India and the US have announced that they will conclude the first phase of a mega trade pact by this year and set a target of USD 500 billion in annual trade by 2030 even as President Donald Trump asserted that Washington will not spare New Delhi fro....
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....m reciprocal tariffs. President Trump hosted Prime Minister Narendra Modi for wide-ranging talks at the White House on Thursday (Friday India time) that focused on a range of critical issues including tariffs. The meeting came hours after the US President announced a new reciprocal tariff policy for all the trading partners of the US including India. To broad-base overall ties in key sectors, T....
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....rump and Modi launched a new initiative called 'US-India COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce and Technology) for the 21st Century'. The initiative is aimed at driving transformative change across key pillars of cooperation. At a joint media briefing with Modi, Trump announced that he and Modi agreed on a deal that would facilitate India to import more....
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.... US oil and gas to bring down Washington's trade deficit. In his remarks to the press, Trump called import duties imposed by India on certain US products "very unfair" and "strong". The bilateral trade between India and the US was around USD 130 billion last year and the trade deficit stands at around USD 45 billion in New Delhi's favour. "Today, we have set a target of more than doubling bilat....
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....eral trade to 500 billion dollars by 2030. Our teams will work on an early conclusion of a mutually beneficial trade agreement," Modi said. "We will strengthen the oil and gas trade to ensure India's energy security. Investment in energy infrastructure will also increase," he said. The two leaders demonstrated mutual commitment to address bilateral trade barriers, according to officials. PM Mod....
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....i had detailed discussions with President Trump on the concerns that were there on both sides regarding market access and the concerns arising from "other territories" with over capacities that take advantage of consumption in countries like India and the US, sources said. The two leaders discussed ways and means to address these issues in an overall context and instructed the teams to work toget....
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....her to work on a mutually beneficial trade deal to address these concerns, they said. Modi and Trump resolved to deepen the US-India trade relationship to promote growth that ensures fairness, national security and job creation, a joint statement said. "To this end, the leaders set a bold new goal for bilateral trade – 'Mission 500' – aiming to more than double total bilateral trade to USD 5....
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....00 billion by 2030," it said. Recognising that this level of ambition would require new, fair-trade terms, the leaders announced plans to negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025, it said. It said Modi and Trump are committed to designate senior representatives to advance negotiations and to ensure that the trade relat....
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....ionship fully reflects the aspirations of the COMPACT. To advance this innovative, wide-ranging BTA, the US and India will take an integrated approach to strengthen and deepen bilateral trade across the goods and services sector, and will work towards increasing market access, reducing tariff and non-tariff barriers, and deepening supply chain integration, it added. The statement said the US wel....
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....comed India's recent measures to lower tariffs on US "products of interest" such as motorcycles, ICT (Information and Communication Technology) products and metals, as well as measures to enhance market access for US agricultural products, like duck meat, and medical devices. India also expressed appreciation for Washington's measures to enhance exports of Indian mangoes and pomegranates to the U....
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....S. Both sides also pledged to collaborate to enhance bilateral trade by increasing US exports of industrial goods to India and Indian exports of labour-intensive manufactured products to the US. The two sides will also work together to increase trade in agricultural goods, the joint statement said. Modi and Trump committed to drive opportunities for US and Indian companies to make greenfield in....
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....vestments in high-value industries in each other's countries. In this regard, the leaders welcomed ongoing investments by Indian companies worth approximately USD 7.35 billion, such as those by Hindalco's Novelis in finished aluminium goods at their state-of-the-art facilities in Alabama and Kentucky; JSW in steel manufacturing operations at Texas and Ohio; Epsilon Advanced Materials in the manuf....
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....acture of critical battery materials in North Carolina. These investments support over 3,000 high-quality jobs for local families. PTI MPB NSA NSA<BR> News - Press release - PIB....