Jaipur: In a strong signal amid global trade tensions, US Vice-President JD Vance confirmed that the United States and India have officially finalised the terms of reference for a comprehensive trade deal. The announcement came a day after Vance met Prime Minister Narendra Modi in New Delhi.
Addressing an event in Jaipur, Vance said the Biden administration is committed to partnerships rooted in fairness and shared national interests. “We want partners who value their workers, build with us, and aim for a balanced, open, and fair global trade system,” he said.
Highlighting shared economic and security goals with India, Vance said, “In India, America has a friend. We seek to deepen the strong ties between our two great nations.”
He reaffirmed the goal set by President Donald Trump and PM Modi to double bilateral trade to $500 billion by 2030. “Our governments are aligned on priorities like job creation, resilient supply chains, and worker prosperity,” Vance stated, adding that the newly finalised terms pave the way for a roadmap toward the final trade agreement.
The move is expected to calm concerns among exporters and investors rattled by recent tariff threats, with markets responding positively following a temporary pause. The Indian government has also reiterated its stance of engaging in careful negotiations rather than reacting hastily.