New Delhi: The United States is “very close” to finalising a trade agreement with India, US Secretary of State Marco Rubio said ahead of his meeting with External Affairs Minister S Jaishankar in Mumbai on October 20.
Rubio also discussed Washington’s approach to sanctions on Russian oil, highlighting the need to balance national security concerns with global energy supplies and prices.
He explained that the US had granted sanctions waivers in recent months to prevent disruptions in energy markets. He added that countries faced different challenges in sourcing energy from alternative suppliers, depending on their geographical circumstances.
Meanwhile, India and the US are continuing efforts to conclude a bilateral trade agreement. Commerce and Industry Minister Piyush Goyal recently said the first phase of the pact had been finalised and was undergoing legal drafting. The government hopes to complete the process soon.
Although a framework for an interim trade agreement was unveiled by the two nations in February, it has not yet been put into effect.
The upcoming talks between Rubio and Jaishankar are expected to cover trade, energy, investment, defence, and critical and emerging technologies.
The meeting comes as both countries seek to resolve outstanding issues and strengthen economic and strategic cooperation. Rubio’s remarks have raised expectations that the long-pending trade agreement could move closer to completion.