World

US Secretary Rubio Says Trade Deal with India Near Completion

By Harsh Kumar

US Secretary of State Marco Rubio told reporters in Mumbai that a trade agreement between the United States and India is “very, very close,” with only a few items left to finalize. He said the pact should be in place soon, adding that the State Department is heavily involved in the process. Rubio highlighted India’s importance as the world’s most populous country, its status as the largest democracy, and its role as a key commercial partner, defense ally, and member of the Quad strategic partnership with the United States, Japan and Australia.

In fiscal year 2026, India’s exports to the United States rose to $87.31 billion from $86.51 billion a year earlier, while imports increased by 17.2% to $53.45 billion from $45.62 billion in FY25. Bilateral trade totaled $140.76 billion in FY26, up 6.5% from $132.2 billion in FY25, with India recording a trade surplus of $33.9 billion versus $40.9 billion in FY25.

Rubio noted that trade and the demand for air interceptors were the two main topics in his conversations with counterparts worldwide. His visit to India, scheduled to end on 22 October, includes meetings in Mumbai and a Wednesday visit to Jamnagar, Gujarat, where he will discuss energy cooperation with Reliance Industries, which operates the world’s largest single‑site oil refinery.

Speaking in Mumbai, Rubio said India’s refining capacity could accommodate Venezuelan crude, a potential source of relief amid energy shortages caused by the West Asia war. He acknowledged that sanctions could pose challenges and that India’s efforts to diversify its energy portfolio are a positive development.

The article was reported by Harsh Kumar, a policy reporter at Mint (HT Media Group).