PM Modi, US Vice President announce finalization of Terms of Reference for Bilateral Trade Agreement negotiations

They formally announced the finalization of the Terms of Reference for the negotiations.

During the visit to PM Modi's residence, the Vice President was accompanied by the Second Lady Usha Vance, their children, and senior members of the Trump Administration.

"Vice President Vance and Prime Minister Modi welcomed significant progress in the negotiations for a U.S.-India Bilateral Trade Agreement (BTA) and formally announced the finalization of the Terms of Reference for the negotiations, laying down a roadmap for further discussions about our shared economic priorities," said a statement from the US Vice President's office.

It said BTA presents an opportunity to negotiate a new and modern trade agreement focused on promoting job creation and citizen well-being in both countries, with the goal of enhancing bilateral trade and supply-chain integration in a balanced and mutually beneficial manner.

"Guided by their respective visions of 'Amrit Kaal for India' and 'Golden Age for America,' BTA is expected to create new opportunities of growth for workers, farmers, and entrepreneurs in both countries," the statement said.

The visit comes closely on the heels of a positive and successful meeting between President Trump and Prime Minister Modi in Washington earlier this year.

During that meeting, the two leaders reaffirmed the strength of the India-U.S. Comprehensive Global Strategic Partnership and jointly launched the India-U.S. COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century, "an initiative anchored in mutual trust, shared interests, goodwill, and robust engagement of their citizens".

The statement said visit provided an opportunity for both sides to review the progress achieved in bilateral relations and the implementation of the outcomes of the India-US Joint Statement issued on February 13, 2025. The two sides also exchanged views on regional and global developments of mutual interest.

"The Vice President extended his sincere gratitude to Prime Minister Modi for being such a gracious host to Second Lady Mrs. Usha Vance, their children, and the accompanying U.S. delegation during this pleasant and productive visit to India," the statement said.

A PMO release earlier said that PM Modi and the US Vice President JD Vance welcomed the "significant progress" in the negotiations for a mutually beneficial India-US Bilateral Trade Agreement.

They also noted continued efforts to enhance cooperation in energy, defence, strategic technologies, and other areas.

The two leaders also exchanged views on various regional and global issues of mutual interest, and called for dialogue and diplomacy as the way forward.

"Prime Minister fondly recalled his visit to Washington DC in January and his fruitful discussions with President Trump, which laid down the roadmap for close cooperation between India and the US, leveraging the strengths of Make America Great Again (MAGA) and Viksit Bharat 2047," the release said.

Prime Minister and Vice President Vance reviewed and positively assessed the progress in various areas of bilateral cooperation.

"They welcomed the significant progress in the negotiations for a mutually beneficial India-U.S. Bilateral Trade Agreement focused on the welfare of the people of the two countries. Likewise, they noted continued efforts towards enhancing cooperation in energy, defence, strategic technologies and other areas. The two leaders also exchanged views on various regional and global issues of mutual interest, and called for dialogue and diplomacy as the way forward," the release said.

The Prime Minister extended his best wishes to the Vice President, the Second Lady, and their children for a pleasant and productive stay in India.

He also conveyed his warm greetings to President Trump and said that he looked forward to his visit to India later this year.

The US Vice President, who is on a four-day official visit to India, arrived in the national capital on Monday.

This is Vice President Vance's first visit to India. He will also visit Jaipur and Agra before departing for Washington DC.

The high-level visit comes amid trade negotiations between the two countries following the US decision to impose reciprocal tariffs on several countries, including India.

The US has reduced new tariff rates on most of its trade partners to 10 per cent for 90 days to allow trade negotiations.