Mumbai: US Secretary of State Marco Rubio on Tuesday said India and the United States were close to finalising a trade agreement, expressing optimism that the deal would be signed soon.

“We're very, very close. I would say we're about as close as you can be without having executed the agreement. I think there's a small number of items left to wrap up, so I think that will happen shortly,” Rubio said during his visit to Mumbai.

“We're hoping, which it should, and hopefully have some good news to announce soon and sign it thereafter. So, we're very optimistic that we will have something in place here very soon,” he added.

Rubio made the remarks after meeting Maharashtra Chief Minister Devendra Fadnavis at Mumbai's iconic Gateway of India. US Ambassador to India Sergio Gor was also present at the meeting, along with his wife, Jeanette Dousdebes Rubio.

The US Secretary of State arrived in Mumbai for his second visit to India. His itinerary includes bilateral talks with External Affairs Minister S Jaishankar and a visit to Jamnagar in Gujarat, an important energy hub.

Rubio highlights India's role in global energy security

Rubio also highlighted India's refining capabilities and its potential role in meeting global energy demand, particularly as more Venezuelan oil becomes available.

“India is a refining superpower. They have the capability to refine heavy crude. They've done so in the past, and I think as more and more Venezuelan oil comes online, it's something they can do,” he said.

He added that India had existing oil concessions in Venezuela that could help boost production.

“I'm not claiming to you that Venezuela alone can fill the hole that could be caused by some of the things that are happening around the world, but I think over time, it most certainly can, and in the short term, it can certainly help,” Rubio said.

He said energy cooperation would be among the issues discussed with India, adding that New Delhi appeared willing to explore the possibilities.

“So, that's one of the things we'll talk about. With India, we've talked about it in the past, and they sound ready. They're willing to do it. There might be a few impediments that stand in the way in terms of sanctions and so forth that we'll have to work through,” he added.

Rubio's remarks come amid discussions in Washington over potential tariffs and sanctions linked to Russian oil imports. He has stressed the need to assess the economic implications of such measures, including their possible impact on global energy supplies and prices.

Jaishankar meets US Congressional delegation

External Affairs Minister S Jaishankar met US Secretary of State Marco Rubio for bilateral talks.

Ahead of Rubio's visit, Jaishankar also met a US Congressional delegation in Mumbai and discussed trade, energy, security and technology, among other issues.

In a post on X, Jaishankar said, “Pleased to meet US Congressional Delegation comprising @RepJasonSmith, @DavidSchweikert, @RepStefanik, @RepOgles and @RepFriedmanCA in Mumbai today. Appreciate their positive sentiments and interest in taking forward India-US ties.”

“Specifically discussed trade, energy, security, and technology aspects of our relationship. Also spoke about ease of doing business in India, and deepening of our Indo-Pacific cooperation,” he added.

According to the Ministry of External Affairs (MEA), Rubio is scheduled to pay tribute to victims of terrorism during a wreath-laying ceremony at the Taj Memorial inside the Taj Mahal Palace Hotel at 3.40 pm. He will then hold bilateral talks with Jaishankar at the same venue.

Rubio is also scheduled to attend the “Freedom 250 Reception” at the Jio World Convention Centre in Mumbai on Tuesday evening. On Wednesday, he will travel to Jamnagar.

The visit comes as India and the US seek to advance negotiations on a long-awaited trade agreement, with Rubio indicating that only a limited number of issues remain to be resolved before the deal can be concluded.