On Thursday Indian Prime Minister Narendra Modi signalled the US and India have set a target of US$500 billion in bilateral trade, set to double current numbers by 2030.
The two countries are working to execute a mutually beneficial trade agreement in the near future.
The comments were made at a press conference after President Modi met with US President Trump in the US.
Modi went on to say the trade agreement will emphasise collaboration on artificial intelligence and semiconductors, as well as supply chains for strategic and critical minerals.
Reciprocal tariff system
The Trump Administration confirmed the two countries were working toward a mutual trade agreement, with hopes a deal would be in place by the end of this year.
Trump said previous efforts to form trade agreements with India had been stymied by India’s high tariffs, but his new proposed reciprocal tariff system would mean the US simply mirrors any tariffs imposed by India.
"It's very hard to sell into India because they have trade barriers, very strong tariffs," he said.
"We are, right now, a reciprocal nation... We're going to have whatever India charges, we're charging them. Whatever another country charges, we're charging them. So it's called reciprocal, which I think is a very fair way."