New Delhi: US Secretary of State Marco Rubio has said Washington is “very close” to finalising a trade deal with India. He made the remark while explaining how energy supplies, oil prices and national security concerns shape US decisions on Russian oil sanctions, according to ANI.
His comments come ahead of a meeting with External Affairs Minister S Jaishankar in Mumbai on October 20, Reuters reported.
Why the US Has Waived Some Russian Oil Sanctions
Rubio spoke about US waivers on Russian oil and gas sanctions. He said Washington had to consider their effect on global energy supplies and prices. “We’ve had to waive sanctions over the past few months because of the impact on global supplies and prices,” he said.
He added that the US looks at many factors before granting national security waivers. One of them is how hard it can be for some countries to get energy from other sources. “Every country has a complex set of factors that it has to take into account. Geography is real,” Rubio said, adding that for some countries, buying energy from alternative sources is very difficult.
According to Rubio, these factors are not an excuse. They simply have to be balanced when making foreign policy decisions. He also linked the ongoing trade talks with India to these wider considerations.
Trade Deal in Final Stages
India and the US are working to conclude a bilateral trade agreement. Commerce and Industry Minister Piyush Goyal recently said the first phase of the pact has been finalised and is now going through legal drafting.
“The US bilateral trade agreement’s first tranche has been finalised and it is going through final contours, the legal drafting and we hope to be able to finalise that soon,” Goyal said at an event in New Delhi, according to PTI. He added that the aim is to make the deal operational once India gets a competitive advantage over peer countries.
The two countries announced a framework for an interim trade deal in February. However, it has still not come into effect because the negotiations have dragged on.
Goyal had earlier said that changing global circumstances must be kept in mind while finalising the deal. On October 14, he described India-US relations as “very good” and said he saw no problems in ties despite the delay.
What Jaishankar and Rubio Will Discuss
The October 20 meeting is expected to cover key areas of cooperation. According to Ministry of External Affairs spokesperson Randhir Jaiswal, these include:
- Energy
- Trade and investment
- Defence
- Critical and emerging technologies
What Next?
All eyes will now be on the Mumbai meeting to see whether the two sides announce progress on the trade deal. Rubio’s words suggest a deal is near, but no final date has been given. Until the agreement is signed and put into effect, businesses and consumers in both countries will have to wait to see its full impact.
