US Secretary of State Marco Rubio said the long-pending India-US trade deal is on the ‘verge’ of being finalised, after a bilateral meeting with External Affairs Minister S. Jaishankar in New Delhi.
Speaking at a joint press conference following talks that covered technology, energy and other areas, Rubio said officials have made ‘tremendous progress’ and expressed hope that the US Trade Representative will visit India soon to advance the negotiations. ‘We are on the verge of making that happen,’ he said when asked about the interim trade agreement.
Jaishankar said both sides discussed the value of concluding the final text of an interim, reciprocal trade agreement at an early date. He described that step as important toward negotiating a comprehensive bilateral trade pact envisioned during Prime Minister Narendra Modi’s visit in February 2025.
The ministers noted that, in the absence of a structured agreement, India faces higher tariffs on some goods entering the US, a situation linked in part to purchases of Russian crude. Rubio said any deal reached would be enduring and mutually beneficial.
Rubio also highlighted growing economic ties, noting roughly $20 billion of Indian investment in the US economy and saying that amount continues to rise. He stressed that recent US trade policy is driven by broader efforts to rebalance the US economy’s global trade position, rather than targeting India specifically. ‘We do a lot of trade with India, and so, obviously, there’s a big difference in rebalancing trade with a country of this size and magnitude,’ he said.
On technology cooperation, Rubio referenced India’s participation in efforts to strengthen semiconductor supply chains under ‘Pax Silica’ and noted that the two countries have held a ministerial focused on critical minerals. The discussions point to deepening strategic and economic engagement as negotiators work toward a formal trade agreement.
