US and India to double bilateral trade, focus on AI and semiconductor cooperation

Indian Prime Minister Narendra Modi said his country and the US are pushing to sign a "mutually beneficial trade agreement".

India-US set bilateral trade target of $500 billion. (Source: Istock)

Speaking at a joint press conference after meeting President Donald Trump in Washington on February 13, Mr. Modi shared: "To ensure energy security for India, we will focus on oil and gas trade. Investment in energy infrastructure will also increase in the nuclear energy sector."

The deal will be completed "very soon," he said.

In addition, the two countries will double bilateral trade turnover to 500 billion USD by 2030.

The Indian Prime Minister revealed that New Delhi and Washington will cooperate on artificial intelligence (AI) and semiconductors, and focus on establishing a strong supply chain for strategic minerals.

Trade discussions are expected to play a key role in Modi's visit, especially as US President Donald Trump has signed several executive orders on tariff increases and is preparing to announce retaliatory tariffs against countries that impose high tariffs on US goods.

The United States is India’s largest trading partner. However, according to the US Census Bureau, the two countries will record a trade deficit of about $45.7 billion by 2024, with New Delhi’s exports to Washington exceeding those from the US to India.

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