India-US trade deal close, Trump says agreement will be different

India and the United States are close to a trade agreement that will differ from previous pacts, US president Donald Trump said on Tuesday, as secretary of state Marco Rubio held talks in India on trade, energy, technology and defence cooperation.

Speaking to reporters at the Oval Office, Trump said both countries were nearing an agreement.

“They want to make a deal. We’re going to make a deal. Pretty close, yeah,” Trump said in response to a question.

“It’s going to be a much different kind of deal than we’ve done,” the president said.

Rubio says Trump could visit India in early 2027 amid trade deal push

Rubio also indicated that the trade agreement was nearing completion, saying only a small number of issues remained to be resolved. His comments came during his second visit to India in under five months, as the two countries sought to strengthen bilateral cooperation despite differences over US trade policies and immigration rules.

Ahead of his meeting with external affairs minister S Jaishankar, Rubio told the media that the agreement could be finalised shortly.

“I would say we’re 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,” he said.

At the Taj Mahal Palace Hotel, I laid a wreath honoring the victims of the horrific November 26, 2008 terrorist attacks, including six American citizens.

We remember those lost, honor the courage of those who responded, and reaffirm the enduring U.S.-India partnership and our shared commitment to combating terrorism.

— Secretary Marco Rubio (@SecRubio) October 20, 2026

The Ministry of External Affairs (MEA) said both sides welcomed progress in negotiations on the India-US Bilateral Trade Agreement (BTA) and reaffirmed their commitment to working towards its early conclusion.

US-India trade deal nearing completion, says Sergio Gor

India and the US announced in February the finalisation of the framework for the first phase of the bilateral trade agreement. However, changes in the US tariff landscape have led to further negotiations.

Earlier this month, commerce minister Piyush Goyal met US Trade Representative Jamieson Greer in Milwaukee and Washington to discuss the finer aspects of the agreement.

Trade, energy and defence cooperation

Jaishankar hosted Rubio for wide-ranging talks covering trade, energy, technology, defence and people-to-people ties.

Following the meeting, Jaishankar said on social media that they “shared views on further advancement of our ties, focusing on trade, energy, technology, defence and people-to-people ties”.

The US State Department said 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,” it said.

“He also commended recent progress in bilateral defence and civil nuclear cooperation, and advocated for the increased purchase of US technologies and systems, which can enhance the security and prosperity of both our countries,” the State Department added.

US ambassador to India Sergio Gor said Rubio and Jaishankar had “productive discussions” on expanding cooperation in defence, energy, emerging technologies and trade.

In a post on X, Rubio said: “In Mumbai, Indian External Affairs Minister @DrSJaishankar and I discussed energy security and defense cooperation while reaffirming the importance of advancing the U.S.-India strategic partnership,”.

Rubio also visited the Taj memorial and laid a wreath in honour of the victims of the 26/11 Mumbai terror attacks, which included six American citizens.

India’s energy diversification

Rubio also backed India’s efforts to diversify its energy supplies, responding to a question about Washington’s concerns over the volume of Russian oil purchased by New Delhi last year and its efforts to reduce imports.

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“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.”

“Obviously, We’ve discussed Venezuela and other countries, and I think it’s in our interest to have a strong ally with a diverse energy portfolio,” he said.

Rubio described India as a major oil refining power and said the country had the capacity and expertise to process crude from different sources.

“India is a refining superpower. They have the ability to do that and they have companies that know how to do that.”

He also noted that certain Indian companies have “pre-existing oil concessions in Venezuela”.

“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, and in the short term, it can certainly provide the means,” he said.

Rubio is scheduled to visit the Jamnagar Refinery, owned by Reliance Industries Ltd, on Wednesday.

The discussions on trade and energy come as India and the US continue negotiations on their bilateral agreement while seeking to expand cooperation in defence, civil nuclear technology and other strategic sectors.

(With inputs from agencies)