In a joint statement by US President Donald Trump and Prime Minister Narendra Modi, it has been announced that the trade between the two countries will be taken to $500 billion by 2030.
India's total exports are worth $120 billion.
To achieve this target, both countries will sign a bilateral trade agreement this year. That is, in the next five years, the trade between the two countries will increase by $310 billion because currently, the trade between the two countries, including goods and services, is worth $190 billion. India's total exports out of these are worth $120 billion.
Earlier, during Trump's first term, a mini trade deal was initiated between India and the US, and to a large extent, both countries had reached a consensus on this deal, but after Trump lost the election, this deal was shelved.
According to Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations (FIO), talks will begin again on this mini-trade deal, which can be very important for India. Experts consider this deal to be very important given the tense trade relations between America and China.
Indian products like garments, footwear, gems, and jewelry
Experts say that America would like to sell goods like crude oil, gas, and weapons in India and in return can widen its doors for Indian garments, footwear, gems, jewelry, toys, and handicrafts because America mainly depends on China for these types of products.
If a trade deal is done, Indian products will become much cheaper in the US market as compared to China, which will increase their demand. Anyway, America has already announced to impose a separate duty of 10 percent on Chinese goods.
Export of Indian goods to America can increase.
If the export of Indian goods to America increases, then the credibility of Indian goods will increase worldwide, which will support our total exports. Experts say that Indian companies have already started getting inquiries for these types of goods in America.
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