PM Modi, Trump pledge to increase bilateral economic cooperation

United States President Donald Trump and Indian Prime Minister Narendra Modi have pledged to increase economic cooperation to make their nations stronger and their citizens more prosperous.

The leaders committed that the United States and India -- leading engines of growth in the global economy -- should intensify their economic cooperation to make their nations stronger and their citizens more prosperous.

Noting that extensive economic and tax reforms launched in their respective countries will unlock immense economic opportunities for both countries, both leaders committed to further expanding and balancing the trade relationship and to removing obstacles to growth and jobs creation.

They also resolved to pursue increased commercial engagement in a manner that advances the principles of free and fair trade.

The United States and India plan to undertake a comprehensive review of trade relations with the goal of expediting regulatory processes, ensuring that technology and innovation are appropriately fostered, valued, and protected and increasing market access in areas such as agriculture, information technology, and manufactured goods and services.

President Trump and Prime Minister Modi further committed to strengthening cooperation to address excess capacity in industrial sectors.

They called on their teams to find creative ways to improve bilateral trade.

Surveying United States-India energy ties and the two countries' respective energy strategies, the leaders affirmed the continued importance of their Strategic Energy Partnership and of leveraging new opportunities to elevate cooperation to enhance global energy security. The leaders called for a rational approach that balances environment and climate policy, global economic development, and energy security needs.

President Trump affirmed that the United States continues to remove barriers to energy development and investment in the United States and to U.S. energy exports so that more natural gas, clean coal, and renewable resources and technologies are available to fuel India's economic growth and inclusive development.

Prime Minister Modi and President Trump looked forward to conclusion of contractual agreements between Westinghouse Electric Company and the Nuclear Power Corporation of India for six nuclear reactors in India and also related project financing.

Both leaders welcomed upcoming visits between India and the United States that will expand energy and innovation linkages across the energy sector and deepen cooperation, including on more efficient fossil fuel technologies, smart grids, and energy storage.

They supported financing of energy projects, including clean coal projects, by Multilateral Development Banks to promote universal access to affordable and reliable energy.

Recognizing that we are in an increasingly digital world, the leaders agreed to intensify the mutually beneficial partnership to fully harness their innovation capabilities to solve global developmental challenges. As global partners, the United States and India resolved to further strengthen their collaboration in health, space, oceans, and other areas of science and technology.

The leaders also agreed to strengthen their cooperation to address the growing threats and challenges from malicious cyber activity and committed to work together to promote an open, interoperable, secure, and reliable cyberspace environment that supports innovation, economic growth, and commerce.

Applauding the entrepreneurship and innovation of Indians and Indian-Americans that have directly benefitted both nations, President Trump welcomed India's formal entry into the International Expedited Traveler Initiative (Global Entry program) in order to facilitate closer business and educational ties between the citizens of India and the United States.

President Trump gladly accepted Prime Minister Modi's invitation to visit India.

They looked forward to working together in a spirit of friendship in the years to come.

Earlier, Prime Minister Modi held delegation-level talks with President Trump in the Cabinet Room at the White House.

During the delegation-level meeting, the two leaders touched upon various topics ranging from purchase of military equipment to the bilateral relations between the two nations.

Trump struck upon the topic of purchase of military equipment, in reference to the recent F16 joint production deal.

"Thank you for ordering equipment from the US. No one makes military equipment like the U.S.," he said.

Trump extended a warm welcome to Prime Minister Modi even as he, along with First Lady Melania, received him at the White House earlier in the day.

Heaping praises on Prime Minister Modi, Trump said that he had been reading a lot about him and that he would want to congratulate him for the exemplary leadership he has shown, primarily, economically.

Prime Minister Modi, while thanking Trump for the warm welcome rendered to him, said the kind of welcome he was given, it was a welcome to the 125 crore people of India.

In marking 70 years of diplomatic relations between India and the United States, the leaders also resolved to expand and deepen the strategic partnership between the countries and advance common objectives. Above all, these objectives include combating terrorist threats, promoting stability across the Indo-Pacific region, increasing free and fair trade, and strengthening energy linkages. President Trump and Prime Minister Modi expressed confidence that, together, the United States and India will provide strong leadership to address global challenges and build prosperity for their citizens in the decades to come.

-ANI