'As close as you can be': Rubio says India-US trade deal nearly done, announcement soon

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.

𝗧𝗿𝗮𝗱𝗲 𝘁𝗮𝗹𝗸𝘀 𝗲𝗻𝘁𝗲𝗿 𝗳𝗶𝗻𝗮𝗹 𝘀𝘁𝗮𝗴𝗲

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.

𝗙𝗶𝗿𝘀𝘁 𝗽𝗵𝗮𝘀𝗲 𝘂𝗻𝗱𝗲𝗿 𝗹𝗲𝗴𝗮𝗹 𝗱𝗿𝗮𝗳𝘁𝗶𝗻𝗴

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.

𝗥𝘂𝗯𝗶𝗼 𝗵𝗼𝗹𝗱𝘀 𝘁𝗮𝗹𝗸𝘀 𝘄𝗶𝘁𝗵 𝗝𝗮𝗶𝘀𝗵𝗮𝗻𝗸𝗮𝗿

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.

𝗧𝗮𝗿𝗶𝗳𝗳 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲𝘀 𝗿𝗲𝗺𝗮𝗶𝗻 𝗶𝗻 𝗳𝗼𝗰𝘂𝘀

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.