US Secretary of State Marco Rubio on Tuesday said India and the United States were on the verge of finalising their long-awaited bilateral trade agreement, with only a few outstanding issues remaining before a formal announcement and signing.
Speaking to reporters in Mumbai during his official visit to India, Rubio expressed optimism that the remaining differences would be resolved shortly, paving the way for the conclusion of the agreement.
"We're very, very close. I would say we're about as close as you can be without having executed the agreement," Rubio said.
"I think there's a small number of items left to wrap up, so I think that will happen shortly," he added.
Rubio said Washington was hopeful of announcing progress soon, followed by the formal signing of the agreement. However, he did not specify a timeline or identify the issues that remained unresolved.
๐ง๐ฟ๐ฎ๐ฑ๐ฒ ๐๐ฎ๐น๐ธ๐ ๐ฒ๐ป๐๐ฒ๐ฟ ๐ณ๐ถ๐ป๐ฎ๐น ๐๐๐ฎ๐ด๐ฒ
Rubio clarified that the US State Department was not directly responsible for negotiating trade agreements but remained closely involved in developments concerning the proposed pact.
"As far as the trade agreement is concerned, the State Department doesn't negotiate trade agreements, but we are very much involved in what's happening," he said.
He added that both he and his Indian counterpart, External Affairs Minister S Jaishankar, were closely following the negotiations, along with the national security leadership.
The remarks came as India and the US continued efforts to conclude an agreement that has faced delays over differences concerning tariffs, market access and energy-related trade measures.
The two countries began negotiations for a bilateral trade agreement in February 2025, following discussions between Prime Minister Narendra Modi and US President Donald Trump.
Although negotiations encountered difficulties during 2025, both governments have maintained that the agreement remains an important component of their economic partnership.
๐๐ถ๐ฟ๐๐ ๐ฝ๐ต๐ฎ๐๐ฒ ๐๐ป๐ฑ๐ฒ๐ฟ ๐น๐ฒ๐ด๐ฎ๐น ๐ฑ๐ฟ๐ฎ๐ณ๐๐ถ๐ป๐ด
Rubio's comments follow recent statements by Commerce and Industry Minister Piyush Goyal that the first phase of the proposed India-US trade agreement had been finalised and was undergoing legal drafting.
Speaking on October 15, Goyal said the government hoped to complete the remaining formalities soon.
He maintained that India would operationalise the agreement after securing a competitive advantage over other exporting economies.
Commerce Secretary Rajesh Agrawal has also emphasised India's interest in obtaining preferential market access and greater tariff predictability under the proposed agreement.
In February 2026, the two countries announced a framework for an interim trade arrangement covering tariff reductions, market access and measures to address non-tariff barriers.
However, the framework has yet to be fully implemented, with negotiations continuing over the final terms.
๐ฅ๐๐ฏ๐ถ๐ผ ๐ต๐ผ๐น๐ฑ๐ ๐๐ฎ๐น๐ธ๐ ๐๐ถ๐๐ต ๐๐ฎ๐ถ๐๐ต๐ฎ๐ป๐ธ๐ฎ๐ฟ
The US Secretary of State held bilateral discussions with Jaishankar in Mumbai on Tuesday, focusing on trade, energy security, defence cooperation and broader strategic relations.
The meeting came amid efforts by both countries to strengthen their partnership despite differences over Washington's tariff policies and India's purchases of Russian crude oil.
India and the US have also been discussing cooperation in investment, critical and emerging technologies and regional security.
Rubio's visit includes engagements with Indian business leaders and a scheduled trip to Jamnagar in Gujarat, where he is expected to visit Reliance Industries' refining complex.
The Jamnagar visit is significant against the backdrop of Washington's efforts to deepen energy cooperation with New Delhi and encourage diversification of crude oil supplies.
๐ง๐ฎ๐ฟ๐ถ๐ณ๐ณ ๐ฑ๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ฐ๐ฒ๐ ๐ฟ๐ฒ๐บ๐ฎ๐ถ๐ป ๐ถ๐ป ๐ณ๐ผ๐ฐ๐๐
Trade negotiations between the two countries have been complicated by US tariffs on Indian goods and differences over New Delhi's energy imports from Russia.
Washington imposed tariffs of up to 50 per cent on several Indian products in 2025 after negotiations encountered difficulties.
Under the interim framework announced in February 2026, the US reciprocal tariff on specified Indian goods was reduced to 18 per cent.
The Trump administration recently waived potential additional tariffs linked to India's purchases of Russian energy, removing one obstacle to the negotiations.
However, the broader trade relationship continues to be shaped by disagreements over market access, tariff treatment and energy security.
Despite these challenges, officials from both countries have indicated that substantial progress has been made towards concluding the agreement.
US Ambassador to India Sergio Gor recently said the principal elements of the proposed pact had been settled, although negotiations remained complex because of the size and diversity of the two economies.
Rubio's latest remarks suggest that the two governments are approaching the conclusion of the negotiations, but the agreement will remain pending until the outstanding issues are resolved and the final text is formally signed.