New York : The US is “very close” to finalising a trade deal with India, US Secretary of State Marco Rubio said, while explaining how global energy supplies, oil prices and national security concerns influence Washington’s decisions on Russian oil sanctions. Rubio’s remarks come ahead of his meeting with External Affairs Minister S Jaishankar in Mumbai on October 20.
“We’ve had to waive sanctions over the past few months because of the impact on global supplies and prices,” he said. Rubio added that the US takes several factors into account when making decisions on national security waivers, including the difficulties some countries face in securing energy from alternative sources. He added that these factors were not an excuse but needed to be balanced while making foreign policy decisions.
Commerce and Industry Minister Piyush Goyal recently said that the first phase of the India-US trade pact had been finalised and was undergoing legal drafting. The government hopes to complete the process soon, he said. The two countries announced a framework for an interim trade deal in February. However, the agreement has yet to be operationalised, amid prolonged negotiations.
Goyal had earlier said that changing global circumstances would need to be considered while finalising the pact. On October 14, he described India-US relations as “very good” and said he did not see any problems in bilateral ties despite the delay in concluding the trade agreement. The October 20 meeting between Jaishankar and Rubio is expected to cover key areas of bilateral cooperation, including energy, trade and investment, defence, and critical and emerging technologies, Ministry of External Affairs spokesperson Randhir Jaiswal said during a briefing.
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