New Delhi: The United States has set an ambitious target to more than double its bilateral trade with India to over USD 500 billion within the next three
years, up from a record-breaking USD 240 billion, US Ambassador to India Sergio Gor said. The announcement came ahead of US President Donald Trump's remarks that Washington and New Delhi were "pretty close" to reaching a trade deal, which he said would be much different from earlier agreements. Speaking to reporters at the Oval Office on Tuesday, Trump said India wanted to strike a deal with the United States and expressed confidence that an agreement was within reach. “They want to make a deal. We're going to make a deal. Pretty close, yeah,” Trump said. Earlier, addressing business leaders and diplomats at the Freedom 250 reception in Mumbai, Gor highlighted the deepening economic and strategic partnership between the two countries. He said Trump had sent him to India with a clear mandate -- "Deliver results. Don't just talk about the future. Make it happen". "In their recent discussions, President Trump and Prime Minister Modi reaffirmed that commitment," Gor said. "Today, our bilateral trade has shattered records, reaching over $240 billion. We have an ambitious goal. We are laser-focused on driving that number past $500 billion in the next three years."
India-US Trade Target: Semiconductors, Energy, Defence In Focus
Gor emphasised that the planned economic expansion would span key sectors, including semiconductors, critical minerals, energy, defence and superintelligence.
Describing the momentum of the partnership, Gor said the relationship extended from deep-sea infrastructure to space.
"The US-India partnership does not move in a flat line; it climbs. It begins in the ocean depths with critical data infrastructure. It rises through our factories, labs, and research hubs, and it extends into deep space through commercial exploration," he said. "That is the trajectory of our alliance, rooted deep in fundamentals, accelerating upward at record speed, and heading straight for the stars."
Reflecting on the historical ties between the two countries at the Freedom 250 event, Gor added, "What we have seen over the next 250 years has been incredible. What we hope to see over the next 250 years will be even more incredible."
Highlighting Mumbai's role as an economic hub for the partnership, Gor pointed out that more than 500 major American companies operate in the city. These include technology companies Google, Meta and IBM; consumer goods companies Procter & Gamble and Johnson & Johnson; pharmaceutical firms Pfizer, Abbott and Merck; and financial institutions Citi, Bank of America and JPMorgan Chase.
Gor also said American institutional investors represented the largest single block of foreign capital in Indian equities traded on Mumbai's stock exchanges.
"That is not an accident. That is a massive vote of confidence in India's economic trajectory," Gor remarked. "None of this happened by accident, and none of it was built overnight."
Marco Rubio Calls India-US Strategic Alignment 'Extraordinary'
Meanwhile, US Secretary of State Marco Rubio described the strategic alignment between India and the United States as "extraordinary", saying the two countries had an opportunity to shape the course of the 21st century through their partnership.
Addressing the gathering, Rubio acknowledged that Washington and New Delhi would not agree on every issue but said their shared interests could influence geopolitics, economics, trade and commerce for decades to come.
"No two nations on Earth will ever be perfectly aligned on every issue, and there will be times and points of disagreement," Rubio stated.
"But on the core issues that matter, the core issues that define the national interests of both India and the United States, the alignment between our countries is extraordinary," he added.
Rubio highlighted the significance of the partnership, noting India's population of nearly 1.5 billion and the United States' position as the world's largest economy. He said the two countries had an opportunity to help shape the history of the 21st century by working together on issues that would define the future.
He also said the United States should engage more frequently with India, describing the country as one of Washington's most important geopolitical partners.
India-US Interim Trade Agreement
In February this year, India and the United States announced a framework for an interim trade agreement aimed at improving market access and reducing trade barriers.
According to the Commerce Ministry, the proposed agreement covers sectors including textiles, leather, engineering goods and pharmaceuticals, with several tariff concessions subject to the agreement's conclusion.
Official data from the Ministry of Commerce and Industry show that India's merchandise exports to the US stood at USD 87.31 billion in FY 2025–26, while imports amounted to USD 53.45 billion.
The proposed agreement is expected to provide greater certainty for exporters and businesses in both countries. However, its final terms and implementation timeline have yet to be announced.
