NEW DELHI, India, October 22 (ANI) — External Affairs Minister S. Jaishankar said Thursday that the India-U.S. trade deal was in its concluding stages ahead of formal completion, noting that U.S. Secretary of State Marco Rubio and India’s Commerce Minister Piyush Goyal had similarly indicated that the agreement was nearing completion.
Addressing a session at the NDTV World Summit in New Delhi, Jaishankar cautioned, “Well, look, it’s never done till it’s done.”
He added, “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.
Jaishankar also stressed 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 in the week, Jaishankar hosted Rubio for wide-ranging talks shortly after the senior American diplomat arrived in Mumbai for his second visit to India in less than five months. The discussions came as bilateral relations faced friction in some areas stemming from Washington’s unpredictable trade measures and stringent immigration directives.
Meanwhile, U.S. President Donald Trump said the agreement was “pretty close.”
The two countries have spent more than a year negotiating a bilateral trade arrangement designed to broaden market access while resolving longstanding differences over tariffs, agricultural commodities, industrial goods and regulatory barriers.
Ahead of this week’s meeting with Jaishankar in Mumbai, Rubio told journalists that the India-U.S. trade deal was nearing finalization. He also described India as a petroleum-refining “superpower” while advocating increased domestic processing of Venezuelan crude. Rubio visited the Reliance Industries-operated Jamnagar Refinery on Wednesday.
Addressing questions about the trade agreement, Rubio said, “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.”
Earlier, Jaishankar met Rubio in Mumbai to discuss further strengthening bilateral ties, focusing on trade, energy, technology, defense and people-to-people connections.
According to the U.S. State Department, the two officials also discussed regional and global issues, including developments in 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 said.
“He also commended recent progress in bilateral defense and civil nuclear cooperation, and advocated for the increased purchase of U.S. technologies and systems, which can enhance the security and prosperity of both our countries,” the statement continued.
U.S. Ambassador to India Sergio Gor said Rubio and Jaishankar held productive discussions focused on expanding bilateral cooperation in security, energy, advanced technologies and commerce, building on sustained momentum in the partnership. Gor also attended the meeting.
During a brief interaction with the media, Rubio was asked whether Washington was dissatisfied with New Delhi over its previous purchases of Russian crude oil and subsequent efforts to reduce them.
“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 said.
“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 Trump also indicating that the trade deal could be finalized soon, the negotiations appear to be entering their final stages. (ANI)
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