Mumbai, Oct 20: India and the United States are close to finalising a proposed trade agreement, with only a few outstanding issues remaining before the deal can be concluded, US Secretary of State Marco Rubio said on Tuesday.
Speaking to journalists in Mumbai, Rubio expressed optimism that the two countries could announce progress on the agreement shortly, followed by its formal signing.
“We’re very, very close. I would say we’re about as close as you can be without having executed the agreement,” Rubio said.
He added that only a small number of issues remained to be resolved and expressed hope that both sides would soon have an announcement to make.
Rubio clarified that the US State Department does not directly negotiate trade agreements but remains closely involved in discussions because of their wider strategic and economic significance.
“My counterpart, the National Security Advisor, and I care a lot about it,” he said.
India Seeks Greater Market Access, Tariff Stability
The latest remarks come after Commerce Minister Piyush Goyal said earlier this month that India expected to conclude the first phase of the proposed trade deal soon.
Commerce Secretary Rajesh Agrawal has also indicated that India is seeking preferential access to the US market and greater stability in tariff arrangements under the proposed agreement.
A finalised deal could provide a framework for expanding bilateral trade and strengthening economic engagement between the two countries. However, the specific terms of the agreement and the outstanding issues have not been disclosed in Rubio’s remarks.
Energy and Defence Also Feature in Jaishankar-Rubio Talks
Rubio’s comments on trade came during his visit to Mumbai, where he held talks with External Affairs Minister S Jaishankar on strengthening the broader India-US strategic partnership.
The discussions covered energy security and defence cooperation, alongside wider efforts to deepen bilateral engagement.
In a post on X, Rubio said the two sides had discussed energy security and defence while reaffirming their commitment to advancing the strategic partnership.
US Ambassador to India Sergio Gor also described the meeting as productive, highlighting cooperation in defence, energy, emerging technologies and trade.
Rubio Pays Tribute to 26/11 Victims
During his Mumbai visit, Rubio also laid a wreath at the 26/11 Taj Memorial at the Taj Mahal Palace Hotel before meeting Jaishankar at the same venue.
The visit marks Rubio’s second trip to India this year and comes as New Delhi and Washington seek to advance cooperation across economic and strategic sectors.
With negotiations reportedly nearing completion, attention is now focused on whether the two governments can resolve the remaining issues and announce the proposed trade agreement in the coming days.
