The United States is targeting bilateral trade of more than USD 500 bn with India within the next three years, up from a record USD 240 bn, US Ambassador to India Sergio Gor said at an event in Mumbai. He said the target reflected a mandate to deliver measurable results in the economic relationship.

Speaking at the Freedom 250 reception attended by business leaders and diplomats, Gor identified semiconductors, critical minerals, energy, defence and superintelligence as key areas for future expansion. He said the partnership extended from deep-sea infrastructure and industrial facilities to research laboratories, data infrastructure and commercial space exploration.

Gor also highlighted Mumbai’s importance to the relationship, noting that more than 500 major American companies operate in the city. These include technology groups Google, Meta and IBM; consumer companies Procter & Gamble and Johnson & Johnson; pharmaceutical companies Pfizer, Abbott and Merck; and financial institutions Citi, Bank of America and JPMorgan Chase.

He said American institutional investors represented the largest single block of foreign capital in Indian equities traded on Mumbai’s stock exchanges, describing this as a strong indication of confidence in India’s economic trajectory. US Secretary of State Marco Rubio characterised the strategic alignment between the two countries as extraordinary, while acknowledging that disagreements would continue on some issues.

Rubio said the countries’ shared interests could influence geopolitics, economics, trade and commerce for decades. He also called for more frequent diplomatic engagement with India, which he described as one of Washington’s most important geopolitical partners, citing the scale of India’s population and the United States’ position as the world’s largest economy.

In February, India and the US announced a framework for an interim trade agreement covering market access and tariff concessions in sectors including textiles, leather, engineering goods and pharmaceuticals. Official data showed India’s merchandise exports to the US at USD 87.31 bn in FY26, while imports stood at USD 53.45 bn. The agreement’s final terms and implementation timeline have not yet been announced.