New Delhi [India], October 22 (ANI): External Affairs Minister S Jaishankar stated on Thursday that the India-US trade deal was in its concluding stretch before formal completion, while emphasising that United States Secretary of State Marco Rubio and India’s Commerce Minister Piyush Goyal had similarly indicated that the pact had entered its concluding phases.
Addressing a session at the NDTV World Summit in New Delhi, Jaishankar cautioned: “Well, look, it’s never done till it’s done.” He further remarked: “What you’ve heard not just from Secretary Rubio, but from Minister Piyush Goyal, from others, from me, is that we are moving towards it. But, as I said, often the last mile or the penultimate miles do pose their challenges. I think the [negotiating] teams are working through them now.”
“If you’re asking me to tell you what exactly those challenges are, I’m sorry I won’t. That’s for the negotiators to sort out,” he added further.
Earlier in the week, Jaishankar hosted Rubio for wide-ranging talks shortly after the senior American diplomat touched down in Mumbai for his second visit to India in under five months, even as bilateral relations experience friction in select areas stemming from unpredictable Washington trade measures and stringent immigration directives.
Meanwhile, US President Donald Trump remarked that the agreement is “pretty close”.
Both nations have spent upwards of a year negotiating a bilateral trade arrangement designed to broaden market access while resolving protracted differences concerning tariffs, agricultural commodities, industrial merchandise, and regulatory barriers.
Ahead of this week’s Mumbai meeting alongside Jaishankar, Rubio informed journalists that the India-US trade deal hovers near finalisation. He additionally characterised India as a petroleum-refining “superpower” while advocating for increased processing of Venezuelan crude domestically. The Secretary of State likewise toured the Reliance Industries-operated Jamnagar Refinery on Wednesday.
Addressing inquiries regarding the commercial pact, he noted: “We are about as close as you can be without having an executed agreement. I think there’s a small number of items left to wrap up. So I think that will happen shortly — we’re hoping, which it should — and hopefully have some good news to announce fairly soon. And perhaps the leaders can sign it thereafter.”
The External Affairs Minister also stressed on the importance of diversification amid global volatility.
“Countries can no longer take stability in trade, energy, and geopolitics for granted, as the world has become increasingly turbulent and unpredictable. Governments and businesses must factor this volatility into their planning and build resilient strategies around it. Much like portfolio management in volatile markets, we need to avoid overdependence on a single source and instead diversify across multiple options. Growing uncertainty around trade, energy supplies, sanctions, conflicts, and resource restrictions has prompted nations to fundamentally reassess their energy sourcing strategies,” he said.
Earlier, Jaishankar had met US Secretary of state Marco Rubio in Mumabi and discussed the further advancement of ties, focusing on trade, energy, technology, defence and people-to-people ties.
According to the US State Department, both dignitaries deliberated upon regional and global matters, incorporating developments across West Asia.
“The secretary reiterated that increased energy trade with the United States can play a transformative role in diversifying India’s supply chains while meeting its sizable consumer demand,” the department noted. “He also commended recent progress in bilateral defense and civil nuclear cooperation, and advocated for the increased purchase of US technologies and systems, which can enhance the security and prosperity of both our countries,” the release continued.
US Ambassador to India Sergio Gor observed that Rubio and Jaishankar conducted productive deliberations centered on expanding bilateral cooperation across security, energy, advanced technologies, and commerce, building upon sustained momentum within the partnership. The envoy also attended the proceedings.
During his brief media interaction, Rubio addressed inquiries regarding whether Washington harbours dissatisfaction toward New Delhi over historical purchases of Russian crude and subsequent tapering efforts.
“I think what India has expressed repeatedly is its desire to diversify their energy portfolio, which is a smart thing to do. Obviously, it’s not easy to do that from one day to the next day,” he observed.
“I think they’ve made substantial progress in that regard, and we’re happy to see that. But in the end, it’s not just about Russian oil; it’s about their desire to diversify, and obviously we think we can be a source of some of their energy inputs,” he added.
With US President Trump also indicating that the trade deal is expected to finalise soon, it appears that the final leg on this is well and truly underway. (ANI)
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