Rubio Says US-India Trade Deal Is ‘Very Close’ to Completion
“We're trying to finalize a trade deal with India right now. We're very close to doing that," Rubio said in Samarkand, Uzbekistan, where he is scheduled to meet with Central Asian counterparts before beginning a three-day visit to India on Tuesday.
During the trip, Rubio is expected to arrive in Mumbai, India's financial center, before visiting the world's largest single-site oil refinery in Jamnagar, in the western state of Gujarat.
Addressing US sanctions related to Russian oil and gas, Rubio said Washington had opted to grant waivers after considering the possible consequences for global energy supplies and prices.
"We have to manage all of these things. We're trying to finalize a trade deal with India right now. We're very close to doing that. That's one of the things we take into consideration when the President (Donald Trump) makes a decision about national security waivers and things of that nature," he said.
Rubio stressed that governments must weigh multiple considerations when making foreign policy decisions, noting that each country faces a "complex set of factors" shaped by its circumstances.
"Geography is real. For some countries, it's very difficult to acquire energy from alternative sources. That's not an excuse, but all of that has to be balanced when making foreign policy," he maintained.
The United States and India announced in February that they had agreed on the terms of an interim framework intended to address their bilateral trade dispute.
Last week, Indian Commerce Minister Piyush Goyal said the first phase of the agreement had been finalized and had entered the “legal drafting” stage.
“We hope to be able to finalize that soon and operationalize that once we get the comparable advantage or competitive advantage over our peer countries,” Goyal told an event in New Delhi.
Trade relations between Washington and New Delhi deteriorated last year after the administration of US President Donald Trump imposed tariffs of 50% on Indian goods. The measures were partly linked to India's continued purchases of Russian oil during the Russia-Ukraine war.
Despite the trade dispute, the two countries maintain a comprehensive global strategic partnership. Bilateral trade reached approximately $149.4 billion last year, underscoring the economic stakes involved in securing an agreement.
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