US Secretary of State Marco Rubio said on October 20 that India and the United States are "very, very close" to finalising a long-pending trade agreement. Rubio arrived in Mumbai for a three-day visit focused on strengthening commercial ties and expanding energy cooperation, including discussions with Reliance Industries on refining Venezuelan crude oil and potential oil production in Venezuela, according to livemint.com.
During his visit, Rubio met with External Affairs Minister S Jaishankar in Mumbai and Reliance Industries chairman Mukesh Ambani in Jamnagar. He described India as a global "refining superpower" and highlighted Washington's interest in exploring opportunities for Reliance to process more Venezuelan crude at its refineries. The talks come amid ongoing trade disputes and tariff tensions, with the US recently waiving sanctions-related tariffs on major buyers of Russian crude, easing a key obstacle to the trade deal.
The India-US trade deal has been delayed for years due to tariff disagreements and geopolitical complexities, including India's continued purchase of Russian crude to diversify its energy sources. Rubio's visit underscores the strategic importance Washington places on commercial and energy diplomacy with India, aiming to deepen cooperation with major Indian conglomerates like Reliance. The potential agreement could significantly boost bilateral trade and energy collaboration between the two nations.
Rubio's three-day visit starting October 20 includes engagements with top Indian officials and business leaders, marking a critical phase in negotiations. The US decision to waive sanctions-related tariffs on Russian crude buyers was reported by Reuters as a key development facilitating progress toward the trade deal.