Dhaka, Feb. 16 -- New Delhi and Washington 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 select imports and said he would begin talks on disparities on trade and hoped to reach an agreement.

The remarks came hours after Trump signed a presidential memorandum outlining his plan to impose "reciprocal tariffs" on foreign nations, including India.

The U.S. would simply ...