From mint · Harsh Kumar · · 1m 10s
US and India Trade Deal Nearly Finalized
US and India close to trade deal with few items left.
In brief
US and India close to trade deal with few items left. US Secretary of State Marco Rubio says US and India are very close to a trade agreement with only a few issues remaining. Originally reported by mint.
US and India Trade Deal Status
US secretary of state Marco Rubio says US and India are very close to a trade agreement with only a few issues remaining.
“we’re very, very close. i would say we’re about as close as you can be without having executed the agreement”
Rubio's Optimism on Trade
Rubio expressed confidence that the trade agreement will be finalized shortly, noting a small number of items to wrap up.
“i think there’s a small number of items to wrap up so i think that will happen shortly, we’re hoping; it should”
US-India Strategic Partnership
Rubio highlighted India’s strategic partnership with the US, including defense cooperation and Quad membership.
“they’re a key member of the quad they’re a strong strategic partner”
Trade Data for FY26
India's exports to the US grew to $87.31 billion from $86.51 billion, while imports surged 17.2% to $53.45 billion in FY26.
“in fy26 india's exports to the us grew marginally to $87.31 billion from $86.51 billion a year ago while imports surged by 17.2% to $53.45 billion from $45.62 billion in fy25”
Energy Cooperation Focus
Rubio discussed India’s refining capabilities and potential use of Venezuelan crude oil for energy security.
“they have the capability to refine heavy crude they’ve done so in the past and i think as more and more venezuelan oil comes online it’s something they can do”
Venezuelan Oil and Energy
Rubio noted Venezuela could provide relief from energy shortages due to disruptions in the ongoing West Asia war.
“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 but i think over time it most certainly can”
Next Steps for Trade
Rubio will discuss energy cooperation with Reliance Industries in Jamnagar, India, on Wednesday.
“they have the capability to refine heavy crude they’ve done so in the past and i think as more and more venezuelan oil comes online it’s something they can do”
The big picture
US Secretary of State Marco Rubio says US and India are very close to a trade agreement with only a few issues remaining.
