US Secretary of State Marco Rubio said an India-US trade agreement is in its final stages, with only a small number of issues left to resolve following talks with External Affairs Minister S. Jaishankar in Mumbai.
Mumbai, October 20 — US Secretary of State Marco Rubio said the proposed India-US trade agreement is “very, very close” to completion, after holding talks with External Affairs Minister S. Jaishankar in Mumbai.
Rubio said only a small number of issues remain to be settled before the agreement can be executed.
He told reporters that the two sides were “about as close as you can be without having executed the agreement” and indicated that the remaining matters could be wrapped up shortly.
The comments mark a fresh sign of progress after trade negotiations between New Delhi and Washington had slowed amid differences over tariffs and India’s purchases of Russian crude oil.
The two countries have been working to revive negotiations and finalise a trade arrangement that would provide greater tariff certainty and strengthen bilateral economic ties.
Rubio said his discussions with Jaishankar also covered energy security and defence cooperation, reflecting the broader strategic relationship between the two countries.
India’s Ministry of External Affairs had earlier said the talks would focus on major areas of bilateral cooperation, including trade, investment, energy and defence.
Trade negotiations have gone through several phases over the past year.
The US had imposed tariffs of up to 50% on most Indian goods in August 2025 after talks broke down.
Under a framework agreed in February 2026, the tariff rate was reduced to 18%, but further negotiations later slowed.
Earlier this month, Finance Minister Nirmala Sitharaman had said that the negotiations had “plateaued”.
However, Commerce and Industry Minister Piyush Goyal said last week that the first tranche of the proposed agreement was in its final stages.
India has maintained that its final tariff treatment should be comparable to competing manufacturing economies such as Vietnam.
Energy has remained another sensitive issue in the discussions.
Washington has raised concerns over India’s purchases of Russian crude, while New Delhi has said it will continue to diversify energy suppliers while ensuring affordability and market stability.
Rubio is also scheduled to visit Reliance Industries’ Jamnagar refinery, the world’s largest refining complex, and meet business leaders during his India visit.
His remarks suggest that the trade deal could now move towards announcement once the remaining technical and policy issues are resolved.
