India and the U.S. will work to more than double bilateral trade to $500 billion by 2030, Indian Prime Minister Narendra Modi said at a joint press conference with U.S. President Donald Trump on Thursday.

Speaking at the conclusion of the two leaders’ meeting in Washington, Modi also said that “Our teams will work on concluding very soon, a mutually beneficial trade agreement.”

Trump acknowledged India’s recent move to reduce tariffs on U.S. imports and said he would begin talks on disparities on trade and hoped to reach an agreement.

Modi said India and the U.S. would also work together on artificial intelligence and semiconductors while focusing on establishing strong supply chains for strategic minerals.

The remarks came after Trump signed a presidential memorandum laying out his plan to impose “reciprocal tariffs” on foreign nations, including India.

The U.S. would simply charge the same tariff rates that India charges, Trump said, while the trade deficit with India could be addressed with the sale of oil and gas.

U.S. total goods trade with India is estimated at $129 billion in 2024, according to the Office of the U.S. Trade Representative.

India imposes a 17% simple average tariff on countries with the most-favored-nation status, compared with the U.S. that levies 3.3%. The U.S. enjoys MFN status with most major economies, except some including Russia.

India’s surplus with the U.S., its third-largest trading partner, reached $45.7 billion last year. Notably, the country’s imported agricultural goods were subjected to hefty 39% duties.

“We are, right now, a reciprocal nation… We’re going to have whatever India charges, we’re charging them. Whatever another country charges, we’re charging them. So it’s called reciprocal, which I think is a very fair way,” the U.S. president said at the press briefing.

The president said that the reciprocal tariffs will not take effect immediately as his administration works on determining the appropriate tariff levels for each affected country.

Trump has already slapped tariffs on China, Canada and Mexico as well as global tariffs on imports of steel and aluminum. Trump’s tariffs on Canada and Mexico are currently on pause after both countries pledged to crack down on illegal drug trafficking at their respective borders with the U.S.