‘Never done till it’s done’: Why Jaishankar is cautious on India-US trade deal

New Delhi: External Affairs Minister S Jaishankar has said negotiations on the India-US trade deal are approaching completion, while cautioning that the final stages can throw up unexpected hurdles. Speaking at the NDTV World Summit in New Delhi on Thursday (October 22), he said that both sides were working to resolve the outstanding issues, but declined to disclose details of the negotiations.

"It's never done till it's done," he said, responding to questions about the status of the agreement.

He said US Secretary of State Marco Rubio and Commerce Minister Piyush Goyal had also reported progress towards a deal. The negotiating teams are working to settle the outstanding issues, he added.

"What you have 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.

He declined to discuss the specific sticking points, saying, "If you are asking me to tell you what exactly those challenges are, I am sorry I won't. That’s for the negotiators to sort out."

Adding to expectations that the two countries could announce progress soon, US President Donald Trump has also described the agreement as "pretty close".

Trade, energy and tariffs drive talks

India and the United States have spent more than a year negotiating market access, tariffs, agricultural products, industrial goods and regulatory barriers. New Delhi and Washington announced an outline for an interim trade agreement in February 2026, while negotiations on a comprehensive bilateral trade deal carried on. 

The US administration has sought greater access for American goods in India, including agricultural products, and action on non-tariff barriers. 

Rubio discussed the negotiations during his meeting with Jaishankar in Mumbai on October 20. Speaking to reporters, he said the two countries were "about as close as you can be without having an executed agreement" and that only a small number of issues were left to settle.

He added that Washington hoped to make an announcement soon, after which the leaders could sign the agreement. He also described India as a petroleum-refining "superpower" and called for greater energy cooperation, including the processing of Venezuelan crude by Indian refineries.

During his visit, Rubio toured the Jamnagar refinery operated by Reliance Industries. The complex is one of the world's largest refining hubs, giving India the capacity to process crude from different sources. 

Jaishankar calls for diversified energy supplies

The minister also used the summit to discuss the risks countries face when trade, energy supplies and geopolitical conditions become unpredictable. He said governments and businesses needed to plan for disruption and avoid excessive dependence on a single supplier.

"Countries can no longer take stability in trade, energy and geopolitics for granted, as the world has become turbulent and unpredictable. Governments and businesses must factor this volatility into their planning and build resilient strategies around it," he said.

The minister compared energy planning to managing an investment portfolio, arguing that countries should spread their requirements across different sources. He cited uncertainty over trade, sanctions, conflicts and restrictions on resources as reasons for reassessing energy procurement.

The October 20 meeting between Jaishankar and Rubio dealt with trade, energy security, defence, technology and people-to-people ties. According to the US State Department, the two also exchanged views on regional affairs and international issues, including the situation in West Asia. 

The department said that Rubio had encouraged India to increase energy trade with the United States to diversify its supply chains and meet domestic demand. It also cited progress in defence and civil nuclear cooperation and called for greater purchases of American technology and systems.

US Ambassador to India Sergio Gor described the talks as productive and said both countries had discussed ways to strengthen cooperation in security, energy, advanced technology and commerce.

Rubio was also asked whether Washington was still dissatisfied with India's past purchases of Russian crude and its efforts to reduce those imports. He said that New Delhi had expressed a desire to diversify its energy sources and that the process could not happen overnight.

"I think they have made substantial progress in that regard, and we are 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," he said.

(With ANI inputs)