Rubio Says A US-India Trade Agreement Is Close To Completion

US Secretary of State Marco Rubio said on Tuesday that Washington and New Delhi were near agreement on a trade deal, with only a handful of outstanding items, as he began a visit to India

Image Source: @USAmbIndia on X

“We’re about as close as you can be without having executed the agreement,” Rubio told reporters in Mumbai. He said a small number of items remained to be settled, that he expected that to happen shortly, and that he hoped to announce and then sign the agreement soon. He noted that trade agreements are not negotiated by the State Department, but said he and the national security adviser were closely involved.

Welcome back to India! https://t.co/B9xH1XB93E

— Ambassador Sergio Gor (@USAmbIndia) October 20, 2026

On energy, Rubio said the American delegation would raise with Reliance Industries the prospect of producing oil in Venezuela. He described India as “a refining superpower” with the capacity to process heavy crude, and said Indian companies held existing concessions in Venezuela that could be expanded.

“I’m not claiming to you that Venezuela alone can fill the hole that could be caused by some of the things that are happening around the world,” he said, adding that it could help in the short term and contribute more over time. He said India sounded ready and willing, while acknowledging that sanctions and similar obstacles would have to be worked through.

Honored to accompany @SecRubio to the 26/11 memorial at the Taj Mahal Palace Hotel to pay tribute to the victims and recognize the courage of Indian security forces. The United States and India remain resolute in confronting terrorism in all its forms. https://t.co/NQnn82sC9o

— Ambassador Sergio Gor (@USAmbIndia) October 20, 2026

Rubio said India had made substantial progress in diversifying its oil purchases and called that a sensible course. The remarks follow President Donald Trump’s executive order of 16 October suspending a sanctions law that had provided for tariffs of up to 100 per cent on the largest buyers of Russian crude, a group that includes India.

Sergio Gor, the US ambassador to India, said Rubio and External Affairs Minister S Jaishankar had discussed defence, energy, emerging technologies and trade. Rubio said Jaishankar had visited the United States four times this year, called India a key member of the Quad and a strong strategic partner, and said American officials had not visited often enough.

Pleased to meet US @SecRubio in Mumbai today. We shared views on further advancement of our ties, focusing on trade, energy, technology, defence and people to people ties. Also exchanged views on regional developments. 🇮🇳 🇺🇸 https://t.co/KVrFPvWm0K

— Dr. S. Jaishankar (@DrSJaishankar) October 20, 2026

In Mumbai, Rubio laid a tribute at the memorial at the Taj Mahal Palace Hotel, one of the sites attacked in November 2008, and was received at the Gateway of India by the Maharashtra chief minister’s office. Gor said more than 500 American companies operate in the state.

Thank you, @CMOMaharashtra, for hosting @SecRubio at the iconic Gateway of India. With 500+ American companies operating in Maharashtra and deep investment ties, I look forward to building on this legacy to expand trade, attract investment, and create new opportunities for our people.

— Ambassador Sergio Gor (@USAmbIndia) October 20, 2026

Asked about Ukraine, Rubio said nothing was being deliberately withheld, after reports that the administration had not cleared transfers of Patriot interceptor missiles to Kyiv from countries that had bought them. He said Trump was frustrated by suggestions he was damaging Ukraine’s position. Rubio also said arms control talks between the United States, Russia and China would benefit the world.