Modi, Trump discuss market access as trade talks advance, eyeing $500 billion target by 2030
NEW DELHI, FEB 14 : Prime Minister Narendra Modi and US President Donald Trump discussed trade and tariffs extensively during their meeting, focusing on market access issues linked to overcapacity in other regions that impact consumption in India and the United States.
The meeting between Modi and Trump took place just hours after the US President announced reciprocal tariffs saying that America’s allies are worse than its enemies.
“On trade and tariffs, Prime Minister Modi had extensive discussions with President Trump about the concerns on both sides related to market access, as well as issues arising from overcapacity in other regions that affect consumption in countries like India and the US,” sources said.
At a joint press conference at the White House, PM Modi announced that New Delhi and Washington aim to more than double their bilateral trade to $500 billion by 2030.
Modi also emphasised that both teams are working towards finalising a mutually beneficial trade agreement soon.
To facilitate this and address trade concerns, both sides will work on a trade pact and the first tranche of this mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025.
“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,” the joint statement issued after the meeting.
In a larger context, New Delhi seeks recognition of Indian investments in the US, including ongoing commitments exceeding $7.35 billion and supporting 3,000 high-quality jobs for local families.
The leaders also talked about the early steps taken to demonstrate mutual commitment to addressing bilateral trade barriers.
The United States welcomed India’s recent actions to reduce tariffs on US products, including bourbon, motorcycles, ICT products, and metals, as well as measures to improve market access for American agricultural goods like alfalfa hay, duck meat, and medical devices.
India also expressed gratitude for American efforts to boost exports of Indian mangoes and pomegranates.
Both sides committed to collaborating on increasing bilateral trade by expanding US exports of industrial goods to India and Indian exports of labour-intensive manufactured products to the US. Additionally, they agreed to work together to enhance trade in agricultural goods.
-PTI
