Rubio says US is very close to trade deal with India, to visit Mumbai and Jamnagar

Ahead of US Secretary of State Marco Rubio's visit to India, strong signals have emerged on the long-awaited trade agreement between India and the US. Speaking to reporters in Samarkand, Rubio said trade talks between the two countries had moved in a very positive direction. According to him, both countries have reached close to the "landing point" of the agreement.

Rubio said the US is currently trying to finalise a trade agreement with India and is very close to it. The statement has generated considerable interest in the international trade world.

During the India visit, Rubio will meet External Affairs Minister Dr S. Jaishankar in Mumbai. He will also visit what is described as the world's largest oil refining complex in Jamnagar, Gujarat, and discuss strategic cooperation in the energy sector. The visit is seen as very important not only for trade between the two countries but also for global supply chains and energy security.

On the question of Russian oil and gas, Rubio said the US had had to ease sanctions over the past few months because they were affecting global supply and prices. He said such matters have to be managed. According to him, the effort to finalise the trade agreement with India is among the things the President considers when deciding on national security waivers.

Rubio said every country faces complex reasons of its own. "Geography is a reality," he said. For some countries, obtaining energy from other sources is very difficult. He made clear that this is not an excuse, but said a balance has to be struck on all this while shaping foreign policy.

According to Rubio, the Trump administration had relaxed some stringent conditions on the sale of Russian fuel under the Lindsey O. Graham Sanctioning Russia and Iran Act. Citing this, he said India is a very important and trusted friend of the US. Therefore, before imposing tariffs or restrictions on a large country like India, it is necessary for Washington to consider its huge energy needs and economic security.

Rubio also said the US President is closely examining the impact of tariffs and sanctions on the world economy and on the American economy itself. A period of 60 days has been set for this. According to him, the aim of sanctions on Russia is not to trouble select countries but to curb Russia's earnings while maintaining global economic stability.

Reliance Industries has the world's largest refinery at Jamnagar, which processes hundreds of thousands of barrels of crude oil every day. The main aim of the visit is stated to be strengthening energy partnership between American companies and India and increasing investment in the hydrocarbon and petrochemical sectors.

The Jaishankar-Rubio meeting will discuss in detail not only the bilateral trade agreement but also technology transfer, visa rules, cooperation in supply chains and security in the Indo-Pacific region. It is said that once the trade agreement is completed, annual trade between India and the US will reach a new high, greatly benefiting industry and employment in both countries.