New Delhi [India], October 19 (ANI): Indian industry leaders have expressed optimism over the early conclusion of the India-US bilateral trade agreement following US Secretary of State Marco Rubio's remarks that the two countries are close to finalising a deal, while welcoming Washington's decision to waive new Russia-related tariffs and sanctions.

Speaking to ANI, Pankaj Chadha, Chairman of the Engineering Export Promotion Council (EEPC), said the proposed trade agreement was in its final stages and its conclusion would depend on political will.

'I look at it optimistically that our deal is going to happen. It is on the anvil. It should happen. And we are thankful that the Russia tariff is temporarily, at least not on our head. So this is good for us. And the deal hopefully should go through. Look, it is a matter of political will,' Chadha said.

He also agreed that negotiations had reached the final stage, expressing hope that an agreement would be concluded soon.

Harjinder Talwar, President Designate of FICCI's Confederation of Micro, Small and Medium Enterprises (CMSME), said progress in trade negotiations and the tariff waiver had raised expectations of improved business relations between the two countries.

'There is hope that India and the US will now be able to trade the way we used to. Businesses on both sides will benefit from this,' Talwar told ANI.

She added, 'I hope all the obstacles get cleared quickly. Trade between both countries settles down, and industrial relations get back on track.'

Talwar also described Rubio's remarks as a positive development for Indian businesses, particularly micro, small and medium enterprises (MSMEs).

'It's a very positive statement and I feel it should see the light of the day,' she said, adding that progress towards concluding the agreement was good for industries and MSMEs in both countries.

The reactions come after US Secretary of State Marco Rubio said Washington was very close to finalising a trade agreement with India, ahead of his scheduled visit to the country.

According to the US State Department's October 13 announcement, Rubio is travelling to Uzbekistan and India from October 17 to 22, including visits to Mumbai and Jamnagar. External Affairs Minister S Jaishankar is scheduled to hold talks with Rubio in Mumbai on October 20, according to the Ministry of External Affairs.

The development follows an October 16 executive order by US President Donald Trump waiving duties and several sanctions provisions under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The legislation provides for additional tariffs of 100 per cent on goods from major importers of Russian oil and gas under specified conditions. The waiver remains subject to further review.

Earlier, in February 2026, India and the US announced a framework for an interim trade agreement aimed at improving market access and reducing trade barriers. According to the Commerce Ministry, the proposed agreement covers sectors including textiles, leather, engineering goods and pharmaceuticals, with several tariff concessions subject to its conclusion.

According to the Ministry of Commerce and Industry's official trade data, India's merchandise exports to the US stood at USD 87.31 billion in FY 2025-26, while imports amounted to USD 53.45 billion.

The proposed agreement is expected to provide greater certainty for exporters and businesses in both countries, although its final terms and implementation timeline are yet to be announced. (ANI)