Trump's week in review: From gutting the federal workforce to meeting with foreign leaders
5. Trump secures agreement for India to purchase American oil and gas
In a statement published Thursday, the White House provided a summary of a bilateral meeting between Trump and Indian Prime Minister Narendra Modi. One of the topics the leaders discussed was energy trade.
According to the White House, “The leaders reaffirmed their commitment to increase energy trade, as part of efforts to ensure energy security, and to establish the United States as a leading supplier of crude oil and petroleum products and liquified national gas to India, in line with the growing needs and priorities of our dynamic economies.”
Energy trade constituted a small part of the leaders’ conversations about trade. They established a new vision for bilateral trade for the two countries titled “Mission 500,” which seeks to double the amount of trade between the U.S. and India to $500 billion by 2030.
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Trade agreements between the two countries are part of a broader initiative the leaders adopted during their meeting titled the “U.S.-India COMPACT,” which serves as an acronym for “Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology.”
As part of their commitment to “drive opportunities for U.S. and Indian companies to make greenfield investments in high-value industries in each other’s countries, the leaders welcomed ongoing investments by Indian companies worth approximately $7.35 billion.”
Examples of such investments include “Hindalco’s Novelis in finished aluminum goods at their state-of-the-art facilities in Alabama and Kentucky; JSW in steel manufacturing operations at Texas and Ohio; Epsilon Advanced Materials in the manufacture of critical battery materials in North Carolina; and Jubilant Pharma in the manufacture of injectables in Washington.”
The White House stated that these investments support “3,000 high-quality jobs for local families.”
Ryan Foley is a reporter for The Christian Post. He can be reached at: ryan.foley@christianpost.com
