"It's Never Done Till It's Done": S Jaishankar At NDTV World Summit On India-US Trade Deal

External Affairs Minister S Jaishankar said on Thursday that the India-US trade deal is in its "last mile" before being finalised, but added, "Well, look, it's never done till it's done." He stressed that the United States Secretary of State, Marco Rubio, and India's Commerce Minister Piyush Goyal have also spoken of the deal being in its final stages.

"What you've heard not just from Secretary Rubio, but from Minister Piyush Goyal, from others, from me, is that we are moving towards it. But, as I said, often the last mile or the penultimate miles do pose their challenges. I think the [negotiating] teams are working through them now," Jaishankar said in a session at the NDTV World Summit in New Delhi.

"If you're asking me to tell you what exactly those challenges are, I'm sorry I won't. That's for the negotiators to sort out," he further said.

READ | S Jaishankar's 'Indira' Reminder After Rahul Gandhi's Marco Rubio Jibe

Earlier this week, Jaishankar hosted Rubio for wide-ranging talks shortly after the top US diplomat arrived in Mumbai for his second visit to India in under five months, even as bilateral ties remain strained in parts over Washington's unpredictable trade policies and tightening immigration rules.

President Donald Trump has, meanwhile, said the deal is "pretty close".

The two countries have been negotiating for over a year towards a bilateral trade arrangement aimed at expanding market access and addressing long-standing differences over tariffs, agricultural products, industrial goods and regulatory barriers.

Ahead of this week's Mumbai meeting with Jaishankar, Rubio told the media that the India-US trade deal is close to finalisation. He also described India as a crude-oil refining "superpower" and advocated for processing more Venezuelan crude in India. The Secretary of State also visited Reliance Industries-owned Jamnagar Refinery on Wednesday. Answering a question on the trade pact, he said, "We are about as close as you can be without having an executed agreement. I think there's a small number of items left to wrap up. So I think that will happen shortly -- we're hoping, which it should -- and hopefully have some good news to announce fairly soon. And perhaps the leaders can sign it thereafter."

READ | NDTV World Summit 2026: Can Gold Replace US Dollar? What Experts Think

Following the meeting, Jaishankar said on social media that he and Rubio "shared views on further advancement of our ties, focusing on trade, energy, technology, defence and people-to-people ties."

The US State Department said the secretary and the external affairs minister discussed regional and global issues, including developments in West Asia. "The secretary reiterated that increased energy trade with the United States can play a transformative role in diversifying India's supply chains while meeting its sizable consumer demand," it said. "He also commended recent progress in bilateral defense and civil nuclear cooperation, and advocated for the increased purchase of US technologies and systems, which can enhance the security and prosperity of both our countries," the State Department added.

READ | Donald Trump Says "Much Different Kind" Of India-US Trade Deal Is "Pretty Close"

US Ambassador to India Sergio Gor said Rubio and Jaishankar had "productive discussions" on deepening US-India cooperation across defence, energy, emerging technologies, and trade, as "we continue to build the unrivalled momentum in our bilateral partnership." The envoy was also present at the meeting.

In his brief media interaction, Rubio also responded to a question on whether the US administration was upset with New Delhi over the amount of Russian oil it procured last year and its efforts to reduce the volume. "I think what India has expressed repeatedly is its desire to diversify their energy portfolio, which is a smart thing to do. Obviously, it's not easy to do that from one day to the next day," he said. "I think they've made substantial progress in that regard, and we're happy to see that. But in the end, it's not just about Russian oil; it's about their desire to diversify, and obviously we think we can be a source of some of their energy inputs."

India-US relations witnessed a major downturn after Washington imposed punitive tariffs on India last year and President Trump made assertions regarding his role in de-escalating the India-Pakistan military clashes of May 2025 that drew sharp reaction from Indian officials. Washington's new immigration policy and its decision to increase the H1B visa fee also contributed to the slide in India-US ties.

The ties came under fresh strain after the US decided to restrict a key Green Card processing programme for major global and Indian IT firms, including Tata Consultancy Services and Wipro.