Speaking at the press conference, Prime Minister Modi said that both countries have set a goal to more than double their bilateral trade to reach $500 billion by 2030.

President Donald Trump, after holding a bilateral meeting with Prime Minister Narendra Modi at the White House, said that India and the United States have struck an agreement that includes India importing more oil and gas from the US to minimise the trade deficit between the two countries. Here are some key takeaways:

‘India will reform its laws to boost entry of US nuclear technology’

During their meeting at the White House, Trump said that US would create “wonderful trade deals” for India. Trump and Modi met shortly after the former announced reciprocal tariffs, which could have an impact on India. In a major development for the US nuclear industry, Trump said that India is going to reform its laws to boost the entry of US nuclear technology. He added that this important deal on energy, will make the US a major supplier of oil and natural gas to India.

Bilateral trade goal to reach $500 billion by 2030

Speaking at the press conference, Prime Minister Modi said that both countries have set a goal to more than double their bilateral trade to reach $500 billion by 2030. He said that their teams will work together to finalise a trade agreement that benefits both sides.

F-35 jets and increase in military sales

Trump also announced providing F-35 fighter jets to India. “Starting this year, we will be increasing military sales to India by many billions of dollars. We are also paving the way to ultimately provide India with the F-35 stealth fighters,” Trump said.

Trump said that the goal for both countries is to reach an agreement on how to address “long-running disparities” in the U.S.-India trade relationship. He said that the US is entitled to a “certain level playing field.”

Trump announces ‘biggest trade routes in history’

In another significant announcement, Trump also announced the “biggest trade routes in all of history.” He said that both the countries are working towards building this trade route. It will run to India, and then Israel and also to Italy and towards the US. This route, Trump said, will connect roads, railways and undersea cables.

Trump on India’s trade barriers

Before his meeting with Modi, Trump told the media, “It’s very hard to sell to India because they have trade barriers and high tariffs.” A few hours earlier, he had announced reciprocal tariffs against US trading partners, which can start in April. Trump said he had to make this decision because his attempts to get India to lower its import taxes had failed.

https://www.financialexpress.com/world-news/from-f35-jets-to-american-oil-key-trade-takeaways-from-modi-trump-meet/3748855/?ref=hometop_hp