US Secretary of State Marco Rubio told reporters on Tuesday that the country's trade deal with India was in its final stages, with only a small number of items left to wrap up, after he held talks with Indian Foreign Minister Subrahmanyam Jaishankar in Mumbai.
“We’re very, very close. I would say we’re about as close as you can be without having executed the agreement. I think there’s a small number of items left to wrap up, so I think that will happen shortly,” Rubio told reporters, as per AP.
New Delhi and Washington are seeking to revive trade negotiations that have stalled for months amid tensions over US tariffs and India's purchases of Russian oil.
The latest remarks signal progress in efforts to finalise the agreement, even as differences over trade terms and energy ties continue to pose challenges.
India's foreign ministry had said the talks with Rubio were expected to cover key areas of bilateral cooperation, including energy, trade, investment and defence.
“EAM Jaishankar and I discussed energy security and defence cooperation,” Rubio said, as per PTI.
Washington imposed tariffs of up to 50% on most Indian goods in August 2025 after trade talks broke down. Under a framework agreed in February 2026, the tariff rate was reduced to 18%, but negotiations have since stalled.
Earlier this month, Finance Minister Nirmala Sitharaman said the talks had “plateaued”.
Commerce and Industry Minister Piyush Goyal, however, said last week that the first tranche of a trade deal was in its final stages. India has maintained that its final tariff rate should be comparable to those of competing manufacturing countries, such as Vietnam.
Rubio's visit comes amid efforts by both countries to deepen energy cooperation despite differences over India's continued purchases of Russian crude.
New Delhi has said it will expand energy imports, including from the US, while diversifying suppliers to maintain market stability and keep prices affordable.
Rubio is scheduled to visit Reliance Industries' Jamnagar refinery, the world's largest refining complex, and meet business leaders on Wednesday.