We’re trying to finalise a trade deal with India right now. We’re very close to doing that — US Secretary of State Marco Rubio
The proposed India-US trade agreement is nearing completion, with US Secretary of State Marco Rubio signalling progress in negotiations ahead of his Tuesday meeting with External Affairs Minister S Jaishankar in Mumbai.
Speaking to reporters in Samarkand, Uzbekistan, on Monday, Rubio said that Washington was close to an agreement and that the ongoing negotiations were also a factor in decisions on national security waivers linked to Russian energy.
“We’re trying to finalise a trade deal with India right now. We’re very close to doing that,” Rubio said, adding that the negotiations were among the factors considered by US President Donald Trump when taking decisions on such waivers.
The remarks come amid continuing efforts by New Delhi and Washington to resolve differences over tariffs, market access and energy imports, which have complicated bilateral economic ties.
Rubio also defended the US decision to grant temporary relief from certain Russia-related sanctions, citing concerns over international energy supplies and prices. He said the impact of sanctions on countries dependent on Russian energy had to be weighed alongside Washington’s broader foreign policy objectives.
“Geography is real. For some countries, it’s very difficult to acquire energy from alternative sources,” he said, adding that such considerations had to be balanced when making foreign policy decisions.
The waiver follows concerns over potential punitive measures against major buyers of Russian oil. India, which has significantly increased its purchases of Russian crude since the Ukraine conflict began, had faced the prospect of additional trade pressure under the proposed US sanctions framework. The relief, however, does not by itself settle the wider differences between the two countries over energy trade or guarantee the conclusion of a bilateral trade agreement.
On the trade front, Commerce and Industry Minister Piyush Goyal has said that the first tranche of the proposed agreement has been finalised and is undergoing legal drafting. The Government has maintained that the final arrangement must secure competitive terms for Indian exporters.
The negotiations have gained significance as both countries seek to expand commercial engagement while managing disagreements over tariffs and market access.
Rubio’s talks with Jaishankar are expected to provide an opportunity to review the broader bilateral relationship. According to the Ministry of External Affairs, discussions will cover trade, investment, energy, defence, critical and emerging technologies, besides regional and global developments.
The meeting will take place against the backdrop of renewed diplomatic engagement between the two sides, with Washington and New Delhi seeking to advance cooperation across strategic and economic sectors.
While Rubio’s assessment points to progress, the final terms and timeline of the trade agreement remain unclear. Neither government has announced a concluded pact.