US and India finalise trade deal terms, confirms US VP JD Vance in Jaipur
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US Vice President JD Vance announced that India and the United States have officially finalised the terms of reference for a long-anticipated bilateral trade deal.
His remarks came during a public address in Jaipur on Tuesday, just a day after his high-level meeting with Indian Prime Minister Narendra Modi.
Amid global economic uncertainties and apprehensions over potential US tariffs, Vance’s statement signals progress and cooperation between the two nations. He emphasised that the United States is committed to forming trade relationships grounded in fairness and mutual respect, especially with partners who uphold labor rights and prioritize sustainable economic practices.
“Our administration is focused on building partnerships with nations that share our values - those that respect their workforce, promote fair trade, and aim to build resilient global supply chains,” Vance said.
Highlighting the strategic alignment between India and the US, he noted that both countries share common goals in economics and national security. “India is not just a partner. It is a friend. We want to build something new together: a balanced, open, and stable global trade system,” he added.
Vance also reiterated the vision set by President Trump and Prime Minister Modi earlier this year - to more than double bilateral trade to $500 billion by 2030. “We’ve made significant headway. Finalising the terms of reference is a crucial step towards making that vision a reality,” he said.
The agreement outlines a roadmap for ongoing trade negotiations, focusing on job creation, stronger supply chains, and economic prosperity for workers in both countries. Vance described this as a milestone in Indo-US relations, paving the way for deeper economic ties.
The confirmation is expected to provide relief to Indian exporters and global investors, especially after market turbulence following the US administration’s announcement of reciprocal tariffs. The Indian government had maintained that it was negotiating with patience and not reacting hastily to pressure.