The India-US trade deal is nearing a possible conclusion after more than a year of negotiations, with US President Donald Trump saying the two countries are “pretty close” to finalising what he described as a “much different kind of deal”.
Trump made the remarks to reporters at the White House on Tuesday, local time, in response to questions about the prospects of an agreement. “They want to make a deal. We’re going to make a deal. Pretty close, yeah,” he said.
The comments came as senior officials from both countries expressed optimism over the proposed India-US Bilateral Trade Agreement, or BTA. US Secretary of State Marco Rubio described the negotiations as “incredibly close” during his official visit to India on October 20 and 21.
Rubio met External Affairs Minister S Jaishankar in Mumbai on Tuesday for discussions covering trade, defence, technology and energy security. The Ministry of External Affairs said the two sides welcomed progress in negotiations and reaffirmed their commitment to working towards an early conclusion of the agreement.
The ministry said Rubio’s visit reflected the “sustained momentum” in high-level exchanges between India and the United States. It also linked the discussions to the India-US COMPACT for the 21st century, a framework aimed at advancing cooperation between the two countries.
The proposed agreement is being discussed against a wider effort to deepen economic and strategic ties. However, neither Trump nor the Indian government disclosed the terms under negotiation, including the sectors covered, tariff arrangements, market-access commitments or the proposed implementation timeline.
The talks have direct relevance for Mumbai, which hosted the ministerial meeting and a US Freedom 250 Reception attended by US Ambassador to India Sergio Gor. Rubio highlighted the city’s position as India’s financial and commercial hub, noting that many companies based in Mumbai invest in and trade with the United States.
The city’s role in the discussions reflects the institutional geography of India-US commerce. Mumbai is home to major financial, corporate and investment networks, making it an important location for diplomacy involving trade, business and capital flows. The reported agreement, if concluded, could therefore be watched closely by companies and sectors connected to the city, although its specific impact cannot yet be assessed without the final text.
Rubio said the strategic alignment between India and the United States was “extraordinary” and that the two countries had an opportunity to influence geopolitics, economics, trade and commerce for decades. He also acknowledged that the countries would continue to have disagreements on some issues.
According to the US State Department, Rubio was scheduled to travel next to Jamnagar in Gujarat for discussions that would include enhanced energy cooperation. The Indian and US governments have committed to continuing work towards an early conclusion of the Bilateral Trade Agreement, but no signing date has been announced.
