'MIGA + MAGA': India, US to double bilateral trade to $500 billion by 2030, says PM Modi

He said that both the countries aim to double their bilateral trade to $500 billion by 2030. US is India’s largest trading partner, with bilateral trade between the countries standing at $129.2 billion in 2024.

PM Modi said that both countries have pledged to ramp up oil and gas trade, renewable energry investments and defence cooperation.

"America has a crucial role in India's defence preparedness. Being a strategic and trusted partner, we are actively moving ahead in terms of joint development, joint production and transfer of technology. In future, new technology and equipment will enhance our capabilities. We have decided to launch Autonomous Systems Industry Alliance. For the next decade, defence cooperation framework will be formed," PM Modi said.

Trump, during his address, announced that he and Modi reached an important agreement on energy that will restore America as a leading supplier of oil and gas to India.

"It will be hopefully, their number one supplier and the groundbreaking development for US nuclear industry. India is also reforming its laws to welcome US nuclear technology, which is at the highest level into the Indian market. This will bring safe, clean and affordable electricity to millions of Indians and tens of billions of dollars to the US civilian nuclear industry in India," he said.

The US President also said that America is paving the way to ultimately sell F-35 fighter jets to India.

He also said that India and US agreed to work together to help build one of the greatest trade routes in all of history, referring to the India, Middle East, Europe (IMEC) corridor.

"It will run from India to Israel to Italy and onward to the US, connecting our partners, roads, railways and undersea cables. It is a big development," he said.