US and India ‘very, very close’ to trade deal, Rubio says | Today’s news
New Delhi: The US and India are “very, very close” to a trade deal, with only a small number of points to be decided, US Secretary of State Marco Rubio said on Tuesday, expressing optimism that a pact would be struck soon.
“We are very, very close. I would say we are as close as you can get without making a deal,” Rubio told reporters in Mumbai. “I think there’s a small number of items that need to be wrapped, so I think that will happen soon – we hope it should.”
“Obviously the State Department doesn’t negotiate trade deals, but we’re very involved in what’s going on,” he said.
Rubio described India as an important trade and business partner of the US, citing bilateral defense cooperation and India’s membership of the Quad, a strategic partnership between India, the US, Japan and Australia, focused on security, technology and stability in the Indo-Pacific.
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“This is the most populous country in the world; it’s the largest democracy in the world. It’s an important trading partner and trading partner of the United States. We also cooperate a lot on defense. They’re a key member of the Quad. They’re a strong strategic partner,” he said.
In FY26, India’s exports to the US rose marginally to $87.31 billion from $86.51 billion a year ago, while imports rose 17.2% to $53.45 billion from $45.62 billion in FY25. Overall bilateral trade grew 6.5% to $140.76 billion in FY26 from $132.2 billion. India had a trade surplus of $33.9 billion in FY26, down from $40.9 billion in FY25.
Rubio said trade was one of two items that came up in his conversations with counterparts around the world, the other being the demand for aircraft interceptors.
According to the Ministry of Foreign Affairs, the visit of the highest American representative to India is scheduled to last until October 22. His itinerary includes an engagement in Mumbai and a visit to Jamnagar in Gujarat on Wednesday to discuss energy cooperation with entities including Reliance Industries Ltd, which operates the world’s largest oil refining complex in Jamnagar.
Energy cooperation
In Mumbai, Rubio talked about India’s refining capabilities and the potential role of the Venezuelans oil and said he would discuss the matter with Reliance in Jamnagar on Wednesday.
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“They can, and we’ll talk to Reliance tomorrow about that… They have the ability to refine heavy oil. They’ve done it in the past, and I think as more and more Venezuelan oil comes online, it’s something they can do,” Rubio said.
“…India is a refining power and they have the ability to do it. They have the companies that know how to do it,” he added. Indian companies had oil concessions in Venezuela and could produce more on their own, he said.
“I’m not telling you that Venezuela alone can fill the hole that could be caused by some of the things that are happening around the world, but I think that over time it certainly can. And in the short term, it can provide some relief,” he said, referring to energy shortages due to disruptions caused by the ongoing war in West Asia.
Rubio said the sanctions could present hurdles that would need to be addressed.
Rubio said that India has expressed a desire to diversify its energy portfolio and that the major importing country has made progress in this regard.
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“I think what India has repeatedly expressed is their desire to diversify their energy portfolio, which is a smart thing to do. Obviously, that’s not easy to do overnight. So I think they’ve made substantial progress in that regard, and we’re glad to see that,” he said. “But at the end of the day it’s not just about Russian oil, it’s about their desire to diversify.”
