The India-US trade deal is nearing completion, with US Secretary of State Marco Rubio saying Washington is “very close” to finalising an agreement with New Delhi. His remarks come ahead of his scheduled meeting with External Affairs Minister S Jaishankar in Mumbai on October 20, as both countries seek progress on trade and broader bilateral cooperation.
Rubio also discussed Washington’s decisions on Russian oil and gas sanctions, explaining that global energy supplies, prices and national security considerations influence the US approach to sanctions waivers.
Rubio Explains US Approach to Russian Oil Sanctions
Speaking about the waivers granted on Russian oil and gas sanctions in recent months, Rubio said the United States had to consider their potential impact on global energy supplies and prices.
He noted that countries face different challenges when securing energy from alternative sources, with geography playing an important role in determining their options.
Rubio said such factors do not serve as an excuse but must be considered when making foreign policy decisions. His remarks highlighted the wider economic and strategic considerations surrounding energy-related sanctions.
The comments also come amid ongoing discussions between India and the United States over trade and other areas of bilateral cooperation.
India-US Trade Agreement Nears Completion
Commerce and Industry Minister Piyush Goyal recently said the first phase of the India-US bilateral trade agreement had been finalised and was undergoing legal drafting.
The government has expressed hope that the process can be completed soon, allowing the initial phase to be operationalised. However, the agreement has yet to come into effect amid prolonged negotiations.
India and the United States announced a framework for an interim trade agreement in February. Since then, both sides have continued working towards completing the necessary arrangements.
Goyal has said changing global circumstances must be considered while finalising the agreement. He also described India-US relations as “very good” despite the delay in concluding the trade pact.
Jaishankar-Rubio Meeting Scheduled for October 20
Rubio’s meeting with Jaishankar in Mumbai is expected to cover several areas of cooperation, including trade, energy, investment, defence, and critical and emerging technologies.
The discussions come as both countries seek to strengthen economic ties while addressing broader strategic priorities.
Although Rubio’s comments indicate progress in negotiations, the trade agreement has not yet been formally concluded. Further details on its final terms and implementation timeline will depend on the outcome of ongoing discussions.
For official updates on bilateral relations and trade announcements, visit the Ministry of External Affairs website.
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