Prime Minister Narendra Modi on Friday said that U.S. and India bilateral trade will more than double to $500 billion by 2030 and the two countries will work to quickly start work on a trade agreement.

India's total goods trade with the U.S. was $129.2 billion last year. In 2024, India exported $87.4 billion worth of goods to the U.S. while the world's biggest economy exported $41.8 billion worth of goods to India, according to the United States Trade Representative (USTR). The U.S. goods trade deficit with India was $45.7 billion in 2024, a 5.4% increase over 2023.

To narrow this trade deficit with India, Trump announced a new oil and gas deal as part of which India will import more fossil fuels from the U.S.

Calling PM Modi a “much tougher negotiator”, U.S. President Trump said, “We have reached an important agreement on energy that will restore America as a leading supplier of oil and gas to India.” He stressed that the United States is committed to becoming India's primary energy supplier, guaranteeing energy security for both countries.

The Indian prime minister said the new agreement will ensure energy security of India. “Oil and gas trade will be promoted. Energy infrastructure will see more investment,” said PM Modi.

The two leaders also discussed small modular reactors to enhance India’s nuclear energy capabilities.

US has a major role to play in India’s defence preparedness, PM Modi said in his address. “We will work on joint development, production and transfer of technology in an active way. In the future, new technology and equipment will increase our capability,” he said.

U.S. and India will launch an Autonomous System Industry Alliance, PM Modi said. “For the next decade, a defence cooperation framework will be made. Defence interoperability, logistics repair and maintenance will be among the key pillars.”

India and U.S. will together on artificial intelligence, semiconductors, biotechnology and technology, the Indian prime minister said.

The two countries also signed an agreement called TRUST (Transforming Relationship Utilising Strategic Technology). Under this, critical minerals, advanced material and robust pharmaceutical supply chains will be focused, said PM Modi. “Lithium and rare earth strategic minerals recovery and processing initiative will be launched,” he added.

PM Modi said India will open new consulates in Boston and Los Angeles and U.S. universities have been invited to open offshore campuses in India.

In Space, ISRO and NASA made NISAR satellite will be launched from an Indian space vehicle, said prime minister Modi. “India and US partnership makes democracy stronger. To promote peace and stability in Indo-Pacific we will work together. QUAD will play a key role.”

Modi also thanked the U.S. president for handing over Tahawwur Rana, a convict in 26/11 Mumbai terror attacks. U.S. President Trump announced his administration has approved the extradition of 26/11 Mumbai attacks accused Tahawwur Rana to India. "We have cleared the extradition of one of the plotters of the 2008 Mumbai terror attack to India. We are handing him over to India where he will face the law and brought to justice," Trump said.

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Trump calls Modi a 'tougher negotiator' as U.S.-India eye $500 billion bilateral trade by 2030