‘Mission 500’ seeks to more than double current trade figures by fostering an environment that promotes innovation, job creation, and economic resilience, benefitting both nations.
The discussions, which took place during Prime Minister Modi's official working visit, focused on deepening the robust ties between the two nations. This was encapsulated in the newly announced US-India Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology (COMPACT).
Moreover, the leaders committed to designate senior representatives to advance the BTA negotiations and to ensure that the trade relationship 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, according to the India-US joint statement.
The leaders also welcomed early steps to demonstrate mutual commitment to address bilateral trade barriers. Both sides 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.
President Trump and PM Modi also committed to fostering greenfield investments in high-value industries, with ongoing investments from Indian companies in the US totalling approximately $7.35 billion, supporting over 3,000 local jobs.
ALCHEMPro News Desk (KD)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
