US and India Near Free Trade Agreement During High-Level Mumbai Talks

UPDATE - follow-up to Rubio says U.S. to discuss refining Venezuelan crude with Reliance, adds India made 'substantial progress' in diversifying energy supplies:

Trilateral Talks

External Affairs Minister S. Jaishankar hosted United States Secretary of State Marco Rubio and United Arab Emirates Foreign Minister Abdullah Bin Zayed in Mumbai for key discussions on trade, energy, and connectivity. Mr. Jaishankar met each counterpart separately before holding a joint trilateral meeting at the Taj Mahal Palace Hotel. U.S. Ambassador to India Sergio Gor noted that the three nations share real opportunities to advance cooperation across energy, trade, technology, and regional connectivity.

Trade And Oil

Mr. Rubio described India as a refining superpower and stated that the U.S. and India are very close to wrapping up a long-delayed free trade agreement, with only a small number of items left to finalize. Talks also covered potential Indian oil purchases from the U.S. and a plan to refine more Venezuelan crude at the Mukesh Ambani-owned Reliance Energy plant in Jamnagar. Mr. Rubio addressed questions regarding Russian oil imports—which make up about 45% to 50% of India's intake—stating he was happy to see India making substantial progress in diversifying its energy sources.

Context

Bilateral discussions between the United States and India often balance complex trade negotiations with broader geopolitical and energy security goals. Free trade agreements typically require extensive coordination across multiple economic sectors before final official execution.