Rubio Says India-US Trade Deal Nears Finalisation
After talks with S Jaishankar in Mumbai, the US secretary of state says only a few issues remain before an agreement can be concluded.
US Secretary of State Marco Rubio has said the proposed India-US trade agreement is very close to completion, following talks with External Affairs Minister S Jaishankar in Mumbai on October 20. Rubio said only a small number of issues remained to be resolved before the agreement could be executed.
Speaking to reporters after the meeting, Rubio said Washington and New Delhi were approaching the final stages of negotiations and hoped to conclude the deal shortly. His remarks signal progress in efforts to revive trade discussions that had stalled amid disagreements over tariffs and India's purchases of Russian oil.
The talks between Rubio and Jaishankar covered energy security and defence cooperation, alongside broader bilateral issues. India's Ministry of External Affairs had said the discussions would include trade and investment, defence, energy, and critical and emerging technologies.
Trade negotiations have faced significant hurdles since the United States imposed tariffs of up to 50% on many Indian goods in August 2025. A framework agreed in February 2026 reduced the rate to 18%, but detailed negotiations subsequently lost momentum.
Earlier in October, Finance Minister Nirmala Sitharaman said the negotiations had plateaued. Commerce and Industry Minister Piyush Goyal later indicated that the first tranche of an agreement was in its final stages. India has also maintained that its eventual tariff treatment should be comparable to that of competing manufacturing economies such as Vietnam.
Energy ties remain an important part of the discussions. Washington has raised concerns over India's purchases of Russian crude, while New Delhi has emphasised the need to maintain affordable energy supplies and diversify its sources. Rubio said energy security and defence cooperation were among the subjects discussed with Jaishankar.
Rubio's India visit also includes engagement with business leaders and a planned visit to Reliance Industries' Jamnagar refinery in Gujarat. The visit is expected to support discussions on energy cooperation and broader commercial ties.
Despite Rubio's positive assessment, the agreement had not been formally executed at the time of his remarks. The final outcome will depend on resolving the remaining issues and completing the necessary steps on both sides. Businesses and exporters will be watching for details on tariffs, market access and the implementation timeline.