US-India ‘Very Close’ To Finalising Trade Deal, Says Marco Rubio Ahead Of Jaishankar Meeting

The United States and India are very close to finalising a trade deal, US Secretary of State Marco Rubio said on Monday, October 19, ahead of his scheduled meeting with External Affairs Minister S Jaishankar in Mumbai on Tuesday. The negotiations come amid differences over tariffs, market access and India's purchases of Russian oil.

“We're trying to finalise a trade deal with India right now. We're very close to doing that,” Rubio told reporters in Samarkand, Uzbekistan, during his diplomatic tour of Central Asia.

The two countries have been negotiating for months to resolve outstanding issues and establish an interim trade agreement. However, neither government has announced a final deal, and its terms and implementation timeline remain unclear.

The Jaishankar-Rubio meeting is expected to cover trade and investment, defence cooperation, energy security, critical and emerging technologies, and developments in the Indo-Pacific. A trade agreement could provide a framework for addressing differences over tariffs and access to each other's markets while strengthening bilateral economic ties.

Russian oil purchases remain a point of friction as Washington seeks to restrict Moscow's revenues amid the war in Ukraine. India, meanwhile, continues to weigh its energy requirements against diplomatic and economic considerations.

Rubio acknowledged the challenges countries face in switching energy suppliers and balancing sanctions with global energy needs.

“We've had to waive sanctions over the past few months because of the impact on global supplies and prices,” he said.

“For some countries, it's very difficult to acquire energy from alternative sources. That's not an excuse, but all of that has to be balanced when making foreign policy,” Rubio added.

His remarks highlight Washington's efforts to enforce sanctions without triggering disruptions to energy supplies or sharp price increases. India's energy sourcing and the broader implications of US sanctions remain important considerations in bilateral relations.

Rubio's India visit is part of a wider push by the Trump administration to strengthen US economic and strategic engagement across Asia.

In Uzbekistan, he met counterparts from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan under the C5+1 diplomatic forum, which focuses on security, trade and shared concerns. The delegation included representatives of nearly 300 American businesses, highlighting Washington's push to expand investment and commercial ties with Central Asia.

Rubio said the region had not received the attention it deserved from US policymakers over the past two decades, adding that Washington wanted to become a stronger partner.

His trip, promoted as an effort to deepen economic and security cooperation across Central and South Asia, comes as the administration pursues business opportunities in a region located between Russia and China.