India, US aim to double bilateral trade to $500 billion by 2030 with Mission-500: Foreign Secy Misri

He said that the leaders unveiled the US-India Compact for the 21st Century, to accelerate military partnerships, commerce, and technological advancements.

In addition, both leaders committed to negotiating a multi-sector trade agreement by the fall of 2025, with an approach to strengthen trade across the goods and services sector, Misri said.

Addressing a press briefing on Thursday (local time), Misri said, "Two leaders jointly launched the US-India compact for the 21st century, for catalyzing opportunities in military partnership, accelerated commerce and technology. In the area of trade and investment, the leaders launched Mission-500, aiming to more than double total two-way trade to USD 500 billion by 2030."

The Foreign Secretary said, "The two leaders also announced plans to negotiate the first tranche of a mutually beneficial multi-sector bilateral trade agreement by the fall of 2025. Both countries will take an integrated approach to strengthen bilateral trade across the goods and services sector. There is a renewed commitment to making greenfield investments in high-value industries in each other''s countries."

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.

"The leaders announced plans to finalize a new 10-year framework for the US-India Major Defence partnership in the 21st century. This is a framework that will run 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 coproduction agreements. There was also an agreement to initiate discussions on the reciprocal defence procurement agreement," Misri said.

Notably, PM Modi and US President Trump shared a hug as the latter welcomed the former at the White House on Thursday (local time).

During his meeting with PM Modi on Thursday (local time), Trump stressed that the ties between the two nations are going to get closer.

PM Modi told Trump on Thursday that he is delighted to see him back at the White House for a second term and expressed confidence that the two countries will continue to advance India-US strategic partnership with the "same bond, trust and excitement."

In his remarks, PM Modi said the people of India had also given him the opportunity to serve them for a third successive term, and this has happened after 60 years in the country''s history.

This is Prime Minister Modi''s first visit to the United States since President Donald Trump''s inauguration of the second presidential term last month.

PM Modi is among the first few world leaders to visit the United States following the inauguration of President Trump and has been invited to visit the US within barely three weeks of the new administration. (ANI)