Rubio Arrives in India as US-India Trade Deal Nears Completion; Reliance to Discuss Venezuelan Crude
The secretary of state landed in Mumbai on Tuesday to meet India’s foreign minister and visit the Reliance refinery in Jamnagar, days after President Trump waived tariffs that would have punished India for buying Russian oil.
U.S. Secretary of State Marco Rubio arrived in Mumbai on Tuesday for a visit centered on finalizing a U.S.-India trade agreement, days after President Donald Trump waived potential tariffs that would have punished India for its purchases of Russian crude oil.
During the visit, Rubio will hold bilateral talks with External Affairs Minister S. Jaishankar and meet Mukesh Ambani, chairman of Reliance Industries, which runs the world’s largest refining complex at Jamnagar. He is scheduled to travel to Jamnagar on Wednesday.
In recent days, Rubio and other officials have said a comprehensive trade deal is almost complete, raising the possibility that it could be signed during his visit. According to Nation Press, Rubio also said Washington would hold talks with Reliance on expanding imports of Venezuelan crude for processing at Jamnagar. Nation Press reports that the U.S. has taken control of Venezuelan oilfields producing heavy crude that most refineries cannot process, and that Jamnagar has the specific configuration to handle it.
Tariff waiver removed the biggest obstacle
Trump removed one potential stumbling block last Friday, waiving potential tariffs that would have penalized New Delhi for buying Russian oil. Legislation Trump signed in September authorizes the administration to impose tariffs of up to 100% on the top five importers of Russian oil, a group that includes India, which ranks second after China.
The waiver upset Democrats and Republicans who have pushed for more economic pressure on Moscow over its war in Ukraine. Rubio has said progress toward a trade deal was a factor in the decision to grant the waiver.
Rubio also defended India’s position on Russian oil. “You’ve got countries like India, for example, that have voluntarily diversified their energy portfolio, but are still getting a substantial amount of energy from Russia because it’s hard to pivot from one day to the next,” Rubio said on Sunday. “But they’re also an important ally and partner of the United States.”
He said India still buys millions of barrels of Russian oil a day, and that the administration was entering a 60-day review period during which it would decide which new tariffs, if any, to impose. India imports more than 85% of its crude oil, according to The Hindu BusinessLine.
Rubio’s India visit follows a trip to Samarkand, Uzbekistan, where he met Central Asian political and business leaders.
Reporting based on coverage by The Hindu BusinessLine (Reuters) and Nation Press.
