Mumbai: The United States has set an ambitious target of taking its bilateral trade with India past USD 500 billion within the next three years, up from a record-breaking USD 240 billion today, US Ambassador to India Sergio Gor said on Tuesday, news agency ANI reported.

Addressing business leaders and diplomats at the Freedom 250 reception in Mumbai — held to mark 250 years of American independence, and attended by US Secretary of State Marco Rubio and External Affairs Minister S. Jaishankar — Gor said President Donald Trump had sent him to India with a clear mandate: "Deliver results. Don't just talk about the future. Make it happen." He added, "In their recent discussions, President Trump and Prime Minister Modi reaffirmed that commitment. Today, our bilateral trade has shattered records, reaching over $240 billion. We have an ambitious goal. We are laser-focused on driving that number past $500 billion in the next three years."

Gor said the coming expansion spans future-facing sectors including semiconductors, critical minerals, energy, defence and superintelligence, The Hindu BusinessLine reported in its coverage of the same reception. Describing the arc of the partnership, he said it runs "from the ocean depths" of critical data infrastructure "into deep space through commercial exploration", adding: "That is the trajectory of our alliance, rooted deep in fundamentals, accelerating upward at record speed, and heading straight for the stars."

Gor's remarks came on a day when Rubio, after meeting Jaishankar in Mumbai, said the India-US trade agreement was "incredibly close" to completion and could be finalised within weeks. Livemint also reported Gor's $500 billion target from the reception.

(Sources: ANI, via LatestLY, October 21, 2026; The Hindu BusinessLine, October 20, 2026; Livemint, October 20, 2026)