MUMBAI, October 21 (Aalimi Nation) – US Secretary of State Marco Rubio said on Tuesday that India and the United States are "very, very close" to concluding a bilateral trade agreement, after talks in Mumbai with External Affairs Minister S. Jaishankar. No final deal has been announced and no signing date has been set.
Rubio arrived in the city on October 20 for a two-day visit. He told reporters that only "a small number of items" remain before the agreement can be executed. Jaishankar said the two sides discussed strengthening cooperation in trade, energy, technology and defence, as well as regional developments.
India-US trade deal: where talks stand
Washington imposed tariffs of up to 50 per cent on most Indian goods in August 2025 after negotiations broke down. A framework agreed in February lowered the rate to 18 per cent, but talks have since moved slowly. Finance Minister Nirmala Sitharaman said earlier this month that the discussions had "plateaued", while Commerce Minister Piyush Goyal said last week that the first tranche of a deal was in its final stages.
India wants its final tariff rate to be comparable to those faced by rival manufacturing exporters such as Vietnam, according to officials familiar with the negotiations. Both governments have said they want progress on investment, technology and energy even as the tariff and market-access questions are settled.
Energy and Russian oil
Energy featured prominently in the visit. Rubio said before leaving the United States that India has diversified its energy sources but still buys a substantial amount of Russian energy, and that shifting suppliers quickly is difficult. India has said it will expand energy imports, including from the United States, while diversifying its suppliers. Purchases of discounted Russian crude since 2022 have at times strained ties with Washington.
Rubio also met the foreign minister of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, in Mumbai. Rubio said the discussions focused on regional energy security and shared economic priorities. Accounts differ on whether the session was a three-way meeting or a separate engagement hosted by Jaishankar.
Jamnagar visit and the 'Freedom 250' event
On Wednesday, Rubio was scheduled to travel to Jamnagar in Gujarat to visit the refinery run by Reliance Industries, described as the world's largest refining complex, and an animal-care facility there. Officials described that leg of the trip as a private visit. Rubio's last visit to India was in May.
At a reception in Mumbai marking the 250th anniversary of American independence, Rubio described India as a "powerful, influential and advanced" country and a strong geopolitical partner. He said the two countries are closely aligned on core national interests, while acknowledging that they will sometimes disagree. He pointed to shared values including individual dignity, democratic principles and the rule of law.
He also named a free and open Indo-Pacific as a central area of alignment, saying no nation should be able to claim dominance over international shipping lanes.
What to watch next
The key questions are whether the remaining items can be resolved quickly and what tariff rate India secures in the final text. Neither government has said when the agreement might be signed. Further statements from the Commerce Ministry and the US side are expected as negotiators work through the outstanding points.
