India intends to purchase $500 bn of US goods over next 5 years: Joint statement

The two countries will significantly increase trade in technology products, including Graphics Processing Units and other goods used in data centres, and expand joint technology cooperation, the statement said.

New Delhi: India plans to buy USD 500 billion worth of goods from the US over the next five years, including energy products, aircraft and aircraft parts, precious metals, technology products and coking coal, according to a joint statement.

The two countries will significantly increase trade in technology products, including Graphics Processing Units and other goods used in data centres, and expand joint technology cooperation, it said.

"India intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years," the statement said.

It added that the US and India commit to address discriminatory or burdensome practices and other barriers to digital trade and to set a clear pathway to achieve robust, ambitious and mutually beneficial digital trade rules as part of the bilateral trade agreement.