India, US to double bilateral trade to $500 billion by 2030

India and the US have set a US$500 billion trade target by 2030, and launched strategic tech initiatives to strengthen the economic partnership between the two countries, Indian Foreign Secretary Vikram Misri announced.

According to NDTV, Misri stated that the two leaders jointly launched the US-India Compact for the 21st Century to catalyse opportunities in military partnership, accelerated commerce, and technology.

Misri further said that the leaders also unveiled plans to finalise a new 10-year framework for the US-India Major Defence Partnership, running from 2025 to 2035. They also agreed to move forward on ongoing defence procurement negotiations for a number of platforms, including land and air systems and co-production agreements.

 WAM