Rubio Says US, India Near Completion of Trade Deal
“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 was scheduled to meet with Central Asian counterparts before beginning a three-day trip to India on Tuesday.
Rubio is expected to arrive in Mumbai, India’s financial center, before traveling to Jamnagar in the western state of Gujarat to visit the world’s largest single-site oil refinery.
Addressing US decisions to waive sanctions related to Russian oil and gas, Rubio said Washington had taken into account the possible effects on 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.
He added that governments must weigh a "complex set of factors" when making policy decisions, particularly when considering their access to energy resources.
"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.
Washington and New Delhi announced in February that they had agreed on the terms of an interim framework intended to address a bilateral trade dispute.
Indian Commerce Minister Piyush Goyal said last week that the first phase of the agreement had been completed and was undergoing “legal drafting.” Speaking at an event in New Delhi, he said officials hoped to conclude the process soon and put the arrangement into effect once India secured a comparable or competitive advantage over other countries.
Trade tensions between the two governments intensified last year after the Trump administration imposed tariffs of up to 50% on Indian goods, partly in response to India’s continued purchases of Russian oil amid the Russia-Ukraine war.
Despite the dispute, the two countries maintain a comprehensive global strategic partnership. Their bilateral trade reached approximately $149.4 billion last year, underscoring the economic significance of the negotiations.
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