Mumbai: The India US trade deal is “pretty close” to being signed, US President Donald Trump has said, as Secretary of State Marco Rubio wrapped up an India visit that skipped New Delhi and focused on Mumbai, India’s biggest business houses and Reliance Industries’ refinery complex at Jamnagar in Gujarat.
“They want to make a deal. We’re going to make a deal. Pretty close, yeah,” Trump told reporters at the White House, NDTV and Forbes India reported. He added that it would be “a much different kind of deal than we’ve made”, but did not explain what he meant, name a date or list the issues still open.
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What Rubio said about the India US trade deal
In Mumbai on Tuesday, 20 October, Rubio told reporters the two sides were “very, very close” and that only a few points remained, according to Hindustan Times and All India Radio.
“I would say we’re about as close as you can be without having executed the agreement,” he said, as quoted by Forbes India. “I think there’s a small number of items to wrap up, so I think that will happen shortly.” In an interview with Network18 the same day, he said a deal was expected “in a matter of weeks, not months”.
India’s Ministry of External Affairs said both sides welcomed the progress in negotiations on the Bilateral Trade Agreement and repeated their commitment to an early conclusion, Forbes India reported.
Where the talks stand
The negotiations have run for more than a year and a half. Earlier this month Commerce Minister Piyush Goyal met US Trade Representative Jamieson Greer in Milwaukee and Washington to work on the finer points, NDTV reported. On 15 October Goyal said the first phase of the agreement had been finalised and was going through legal drafting, according to Forbes India.
The road has not been smooth. Finance Minister Nirmala Sitharaman said earlier in October that the talks had reached a “plateau” and that further concessions would be “very, very difficult” for both sides, Forbes India noted. Washington wants wider market access, while New Delhi wants preferential terms for its exporters and more certainty over tariffs.
For Indian businesses the stakes are high. NDTV listed pharmaceuticals, engineering goods, textiles, electronics and IT related services among the export sectors that would feel the effect of any deal.
A visit built around Mumbai
Rubio began his trip by laying a wreath at the memorial at the Taj Mahal Palace hotel for the victims of the 26/11 terror attacks, in which six Americans were among those killed, Hindustan Times reported. He then held talks with External Affairs Minister S Jaishankar that covered trade, energy, technology, defence and ties between people.
At a reception in Mumbai marking 250 years of American independence, Jaishankar thanked Rubio for the gesture at the memorial and welcomed the extradition of Tahawwur Hussain Rana, whom he called one of the key culprits. “We are clear on our right to defend ourselves against terrorism and expect our partners to show zero tolerance towards terrorism as well,” he said, according to NDTV.
Rubio told the same gathering that there would be points of disagreement, but that on the core issues defining the national interest of both countries “the alignment between our countries is extraordinary”, All India Radio reported. Hindustan Times noted that he also spoke out against anti Indian hatred in the US, blaming it on “ignorance” among small groups.
Adani, Tata and a day at Jamnagar
On Wednesday, 21 October, Rubio met Adani Group chairman Gautam Adani and Tata Sons chairman N Chandrasekaran in Mumbai before flying to Jamnagar, The Hindu reported. There he was received by Reliance chairman Mukesh Ambani and his family, according to The New Indian Express and India Today. US Ambassador Sergio Gor travelled with him.
Reliance describes the Jamnagar site as the largest and most complex single site refinery in the world, with capacity to process 1.4 million barrels of crude a day, The Hindu said, citing the company’s website. India Today reported that the tour also took in Reliance’s green energy giga complex.
In a statement carried by The Hindu, Reliance said the talks covered the global energy picture and “opportunities for commercial partnerships across conventional and new energy”, along with reliable and affordable supplies, supply chains and the power needed to run data centres.
Oil at the centre
Energy was the clearest theme of the trip. A day before Jamnagar, Rubio called India a crude oil refining “superpower” and said Indian refiners should process more Venezuelan crude. “They have the capability to refine heavy crude,” he said of Reliance, according to Forbes India. Analytics firm Kpler estimates that Reliance accounted for about 76 per cent of India’s crude imports from Venezuela in September, Hindustan Times reported.
Gor said India’s purchases of US liquefied petroleum gas had climbed from less than 10 per cent to 67 per cent of its LPG imports in a year, making the US India’s largest LPG supplier, India Today reported. He also pointed to Reliance’s plan to back a new refinery in Brownsville, Texas, which India Today said would handle 168,000 barrels a day.
Russian oil remains a sore point. The US passed a law in September allowing tariffs of up to 100 per cent on goods from major buyers of Russian oil, and Trump waived those provisions on 16 October with a 60 day review, Forbes India reported. Rubio said ties with India were one reason for the waiver and accepted that India could not move away from Russian crude quickly, Hindustan Times said. India imports more than 85 per cent of its crude oil needs, Forbes India noted.
What comes next
Neither side has given a signing date. Rubio was due to leave Jamnagar early on Thursday, 22 October, which ends the visit, according to Forbes India.
India has been busy on the trade front this month. Read how the India New Zealand free trade agreement came into force with zero duty on Indian exports, and why India and Canada are aiming for a trade deal by year end. For small firms looking at American buyers, our guide to exporting to the USA from India covers the basics.
FAQ
How close is the India US trade deal?
Trump said it is “pretty close”. Rubio said only a small number of items remain and that a deal is expected in weeks, not months. No date has been announced.
Sources
- NDTV, 22 October 2026: Trump’s “pretty close” remarks, Goyal and Greer meetings, export sectors at stake.
- Forbes India, 21 October 2026: Rubio quotes on the deal and on Venezuelan crude, MEA statement, Goyal and Sitharaman remarks, Russian oil tariff waiver.
- Hindustan Times, 22 October 2026: 26/11 memorial, Jaishankar talks, Kpler data, Rubio on anti Indian hatred and Russian oil.
- NDTV (ANI), 21 October 2026: Jaishankar’s remarks at the Freedom 250 reception.
- All India Radio, 21 October 2026: Rubio on “extraordinary alignment” and the trade deal.
- The Hindu, 21 October 2026: Adani and Tata meetings, Jamnagar visit, Reliance statement and refinery capacity.
- India Today, 21 October 2026: Jamnagar programme, Vantara and green energy complex, Gor on LPG, Texas refinery.
- The New Indian Express, 22 October 2026: Ambani family welcome and refinery capacity.