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U.S. editionMarco Rubio landed in Mumbai on 20 October, The Hindu reported. He and his wife visited the Gateway of India with the Maharashtra Chief Minister, the newspaper said. He was set to meet External Affairs Minister S. Jaishankar the same day. Hindustan Times said trade, security and technology were on the agenda and that energy and critical minerals were expected to feature. News reports said the US and India aim to finalise a trade deal. Jaishankar also held talks with the UAE's Foreign Minister in Mumbai and called the West Asia situation a matter of 'deep concern', news reports said.
A trade deal sets tariffs and market access for exports and imports between two large economies, so even the aim to finalise one moves expectations in currency and equity markets. Energy and critical minerals link trade to supply security, which is why they sit beside tariffs on the agenda.
If a deal is finalised, prices of imported goods and the competitiveness of Indian exporters could change over time. For now the rupee is at 94.77 per dollar and the Nifty 50 closed 1.11% lower on 19 October.
Supporters of a deal point to the agenda of energy, technology and critical minerals, arguing that finalising terms would deepen economic and security cooperation between the two governments.
Sceptics note that reports so far give no tariff figures or signing date, so the phrase 'aim to finalise' describes an intention rather than an agreement, and past targets have shifted.
Confirmed: Rubio is in Mumbai, met Jaishankar on 20 October, and the aim is to finalise a trade deal. Not confirmed: any text, tariff rate or signing date. Watch for an official readout from either government and any announced signing date.
The Hindu (Rubio lands in Mumbai, Oct 20) · Hindustan Times (Rubio to arrive in India, Oct 20)
Rubio and Jaishankar hold talks in Mumbai as US and India aim to finalise trade dealRubio and Jaishankar hold talks in Mumbai as US and India aim to finalise trade deal
The US Secretary of State landed in Mumbai on Tuesday; energy, technology, security and critical minerals were on the agenda.
US Secretary of State Marco Rubio landed in Mumbai on Tuesday, 20 October, for talks with External Affairs Minister S. Jaishankar, The Hindu reported. After arriving, Rubio and his wife visited the Gateway of India, accompanied by the Maharashtra Chief Minister, the newspaper said, and the two ministers were due to meet later the same day. Hindustan Times, in a preview published earlier on Tuesday, said trade, security and technology were on the agenda, and that discussions were expected to cover energy, technology, security and critical minerals. A roundup of the day's top news in Indian media listed the Jaishankar–Rubio talks on a trade deal as its first item, and other outlets described the meeting as an effort by the two sides to finalise a trade agreement.
Reports on the Mumbai meeting said the United States and India aim to finalise the trade deal. No tariff figures, product lists or signing date had been announced in those reports. In Mumbai, Jaishankar also held talks with the UAE's Foreign Minister and described the situation in West Asia as a matter of 'deep concern', news reports said; he also backed the safe flow of trade, according to the same accounts. The Wall Street Journal reported that US stocks made a U-turn on Tuesday on hopes of US-Iran diplomacy. In Delhi, Hindustan Times reported a three-layer security cover and traffic diversions around the Dussehra celebrations at which Prime Minister Narendra Modi was expected, while Modi, Home Minister Amit Shah and other leaders posted Vijayadashami wishes. Indian equity markets were shut on Tuesday for Dussehra, AajTak reported, so the Nifty 50 has not traded since its 19 October close of 22,888.95, down 1.11 per cent. USD/INR closed at 94.77, flat on the day.