New Delhi [India], April 23 (ANI): India and the US have finalised terms of reference for the ongoing negotiations for completing a bilateral trade agreement between the two countries, said US Vice President JD Vance.

Speaking at an event in Jaipur during his visit to India, US Vice President JD Vance said, 'What president Trump and Prime Minister Modi announced in February that our countries aimed to more than double our Lateral trade to 500 billion dollars by the end of the decade. I know that both of them meant it and I'm encouraged by everything. Our nations are doing to get us there.'

Both governments are working on a trade agreement built on shared priorities, including creating new jobs, building durable supply chains, and achieving prosperity for workers, he said.

'As many of you are aware, both of our governments are hard at work on a trade agreement on shared priorities like creating new jobs, building durable Supply chains and achieving prosperity for our workers and in our meeting yesterday, Prime Minister Modi and I made very good progress on all of those points. And we are especially excited to formally announce that America and India have officially finalised the terms of reference for the trade negotiation. I think this is a vital step,' the US Vice President said.

'I believe this is a vital step toward realising president Trump's and prime minister modi's Vision because it sets a roadmap toward a final deal between our Nations,' US Vice President.

Speaking at the event on Tuesday US Vice President Vance defended President Donald Trump's approach to global trade during a visit to India, stating that the goal is to rebalance trade and create a better future for both nations.

Vance emphasised the potential for the US and India to work together, citing increased military exercises and collaboration on cutting-edge technologies. (ANI)