Prime Minister Narendra Modi’s recent U.S. visit resulted in the announcement of ‘Mission 500’, aiming to double India-U.S. bilateral trade to $500 billion by 2030. The initiative emphasizes stronger trade ties and fair terms. A Bilateral Trade Agreement is set for negotiation by 2025, supported by the new COMPACT initiative to reinforce military and economic cooperation.

Prime Minister Narendra Modi recently concluded a two-day visit to the United States, during which he and President Donald Trump announced ‘Mission 500’. This initiative aims to significantly enhance bilateral trade between India and the U.S., aspiring to more than double the trade volume to $500 billion by the year 2030.

Under Mission 500, both leaders expressed their commitment to fortifying trade and investment, with the goal of boosting prosperity for their citizens and reinforcing national security. The initiative is designed to foster stronger economic ties that promote fairness and job creation.

Additionally, in recognition of the ambitious target, Modi and Trump agreed to initiate negotiations for a comprehensive Bilateral Trade Agreement (BTA) by fall 2025. Senior representatives will be designated to oversee the negotiations, ensuring that they align with the aspirations of the newly introduced COMPACT initiative.

COMPACT, which stands for Catalysing Opportunities for Military Partnership, Accelerated Commerce and Technology, aims to transform key areas of cooperation between the two nations. Through an integrated approach, both countries aspire to enhance their trade relations by improving market access and reducing barriers to trade.

This bilateral effort is not only poised to deepen the economic partnership but also to create a resilient supply chain that benefits both nations, fundamentally changing the dynamics of trade between them. The ambitious goal marks a significant step towards elevating U.S.-India relations in the economic sphere.

In summary, Mission 500 embodies India and the U.S.’s commitment to significantly increase bilateral trade, aiming for $500 billion by 2030. The accompanying initiatives, particularly the forthcoming Bilateral Trade Agreement and COMPACT, are designed to enhance economic cooperation and ensure that trade relations reflect mutual benefits and security aspirations. This strategic partnership is set to redefine the trade landscape for both nations.

Original Source: www.hindustantimes.com

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