From left to right: US Ambassador to India Gor, India's EAM S Jaishankar, US Secretary of State Marco Rubio, and a India's FS Vikram Mishri pay tribute to the victims of the 26/11 Mumbai terror attacks at the Taj Mahal Palace Hotel on October 20, 2026.
US President Donald Trump has said that India and the United States are “pretty close” to finalising a bilateral trade agreement, with Secretary of State Marco Rubio signalling that an announcement could come soon as negotiations approach completion.
“They want to make a deal. We’re going to make a deal. Pretty close, yeah,” Bloomberg quoted Trump as telling reporters at the White House on October 20. Trump added that the agreement “could be a much different kind of deal”, without providing further details.
The remarks came as Rubio arrived in India for a three-day official visit, with the India-US trade deal featuring prominently in discussions between the two countries. Both governments have issued positive statements in recent weeks about the progress of negotiations and the prospects of concluding the agreement.
Rubio said on October 20 that India and the United States were “very, very close” to finalising the trade agreement, indicating that only a limited number of issues remained unresolved.
“The State Department doesn’t negotiate trade agreements, but we are very much involved in what’s happening,” Rubio said during his second official visit to India. He added that the two countries were “about as close as you can be without having executed the agreement”.
🚨 BIG STATEMENT
US President Donald Trump says the US and India are "VERY CLOSE " to finalizing a TRADE DEAL. 🔥 pic.twitter.com/WjCqFxXdjx
— Megh Updates 🚨™ (@MeghUpdates) October 21, 2026
The US Secretary of State said there were a “small number of items left to wrap up”, expressing confidence that the remaining issues would be addressed shortly.
Rubio also expressed hope that there would be “good news to announce soon”, adding that he was optimistic that India and the US would have “something in place”.
During his meeting with External Affairs Minister S Jaishankar in Mumbai on October 20, Rubio urged India to increase energy trade and expand purchases of American technologies and systems.
The US Secretary is on a three-day visit to India from October 20 to 22 focusing on bilateral trade, energy cooperation, defence and critical technologies. He arrived in Mumbai on October 20 and held talks with External Affairs Minister S Jaishankar on strengthening India-US ties, including efforts to finalise the bilateral trade deal.
Rubio also paid tribute to the victims of the 26/11 Mumbai terror attacks and attended a reception marking the 250th anniversary of American independence. On October 21, he is scheduled to travel to Jamnagar, Gujarat, to visit Reliance Industries’ refinery and discuss energy cooperation, including opportunities to expand India-US energy trade.
The trade discussions came amid ongoing efforts by New Delhi and Washington to advance their bilateral economic partnership and conclude the India-US trade deal. The two countries had announced the framework for an interim trade agreement in February 2026.
US Ambassador to India Sergio Gor had also expressed confidence in the negotiations at the Bloomberg New Economy Forum in New Delhi the previous week. Gor said that “the big items are done” and indicated that India and the United States were close to “landing it”.
Before his India visit, Rubio had reiterated Washington’s position on the India-US trade deal while speaking to reporters in Samarkand, Uzbekistan. He said the two countries were close to finalising the agreement and indicated that the progress of trade negotiations was among the considerations in decisions concerning national security waivers.
“We’re trying to finalise a trade deal with India right now. We’re very close to doing that,” Rubio said. He added that the negotiations were among the factors considered when the US President made decisions regarding national security waivers.
His remarks followed Trump’s decision to waive certain sanctions related to Russian energy under the Lindsey O. Graham Sanctioning Russia and Iran Act, citing national security reasons. The legislation, which has been put on hold, would have imposed tariffs of up to 100 per cent on the leading purchasers of Russian crude oil or natural gas, including India.
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… pic.twitter.com/zAU1LvsPaK
— Secretary Marco Rubio (@SecRubio) October 20, 2026
The secondary sanctions have been deferred, leaving the US President with the option of invoking the law against the countries concerned.
Meanwhile, Union Commerce and Industry Minister Piyush Goyal said the first tranche of the India-US bilateral trade agreement had been finalised and was undergoing legal drafting.
“The US bilateral trade agreement’s first tranche has been finalised. It’s going through the final contours, the legal drafting, and we hope to be able to finalize that soon and operationalise it once we get a comparable or competitive advantage over our peer countries,” Goyal said last week.
The statements from the leaders indicate that negotiations on the India-US trade deal have reached an advanced stage, with both governments signalling that the agreement could be concluded soon.
