• Speaking to press in Registan Square, Samarkand, Uzbekistan, US Secretary of State Marco Rubio has stated the US and India are ‘very close’ to finalising a trade deal.
• Rubio is set to meet External Affairs Minister S. Jaishanker tomorrow, 20th October, in Mumbai according to the Ministry of External Affairs.
• These renewed talks between Washington and New Delhi are expected to review the two nations’ bilateral relationship after months of negotiations.

US Secretary of State Marco Rubio has stated the US and India are ‘very close’ to finalising a trade deal, speaking to members of the press in Registan Square, Samarkand, Uzbekistan. This forms part of Rubio’s current diplomatic tour of Central Asia.

Rubio and India’s External Affairs Minister are reported to be holding talks in Mumbai tomorrow, 20th October, after months of negotiations between the two nations.

A signed deal is expected to lower risks of tariffs and benefit air exports and imports between the two nations, including pharmaceutical, electronic and textile goods.

Talks are also likely to include advanced discussions of energy supply and fuel sourcing given the passing of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, and India’s consumption of Russian fuel supplies.

India is currently one of the largest supplier of pharmaceuticals to the US, with pharma shipments arriving across the Pacific valued at over US$15 billion in 2025 according the the United Nations COMTRADE.

Russian oil and sanctions

The White House changed its direction on sanctions related to the purchasing of Russian fuel stocks last week, with President Trump’s Executive Order last Friday waivering the sanctions signed off in the Graham Act.

This new approach is set to impact negotiations with India, as there is currently no set date for the waiver to be ended.

‘We’ve had to waive sanctions over the past few months because of the impact on global supplies and prices,’ he said, adding that geography was an important consideration when countries sought alternative energy sources. 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,’ Rubio said.

In February this year, it was reported the US Government proposed lower tariffs on Indian products from 25 percent to 18 percent along with removing the additional 25 percent tariffs that was imposed for India’s purchasing of Russian crude oil.

Reciprocally, India would have to commit to buying US$ 500 billion worth of goods over the next five years and stated it would stop purchasing Russian oil.

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