India and the US to Increase Trade Volume to $500 Billion

Economy

The United States and India aim to increase their bilateral trade volume to $500 billion (€478 billion) by 2030. Indian Prime Minister Narendra Modi announced this during a press conference with US President Donald Trump in Washington on Thursday, February 13.

India and the US to Increase Trade Volume to $500 Billion
The partnership will primarily focus on artificial intelligence, semiconductor production, and the establishment of strong supply chains for strategic minerals, according to Reuters.

India is ready to reduce tariffs on American goods, Trump stated.

He also mentioned that India will increase its imports of American oil and gas to reduce the trade deficit between the two countries.

Washington plans to increase arms sales to India starting this year. "We will significantly expand military equipment sales to India by billions of dollars. Additionally, we are preparing to sell F-35 fighter jets to India," Trump promised. However, he did not specify exact dates, noting that such deals typically take several years, Reuters reported.

For reference, Russia has been one of India’s main arms suppliers for several decades. On February 11, Deputy Head of the Federal Service for Military-Technical Cooperation Mikhail Babich told the TASS news agency that Russia is ready to jointly produce the fifth-generation Su-57 fighter jet with India.

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