US Secretary of State Marco Rubio has announced that the United States and India are nearing the completion of a trade agreement. Speaking in Samarkand, Uzbekistan, Rubio highlighted that the ongoing negotiations are influencing decisions related to national security waivers concerning sanctions on Russian energy.
Rubio, who is set to meet India’s External Affairs Minister S. Jaishankar in Mumbai, elaborated on the US decision to temporarily waive certain Russian energy sanctions. He cited high global energy prices and the logistical challenges countries face in transitioning to alternative energy suppliers as reasons for the waivers. Rubio acknowledged that geographical constraints can hinder countries’ ability to swiftly diversify their energy sources.
India remains a significant purchaser of Russian energy, and Rubio noted that shifting energy supplies from one source to another cannot occur overnight. The current sanction waivers are temporary, allowing the US administration the option to reapply them at a later date.
Meanwhile, India’s Union Commerce and Industry Minister Piyush Goyal reported that the initial segment of the bilateral trade agreement with the US has been finalized and is undergoing legal drafting. Both nations are working towards completing the process to operationalize the agreement.