India and US discuss trade, critical minerals and nuclear power

The countries set a target of more than doubling bilateral trade to $500 billion by 2030

India's Foreign Minister Subrahmanyam Jaishankar addresses the 80th United Nations General Assembly (UNGA), at the UN headquarters in New York City, US, Sept 27, 2025. REUTERS

India's foreign minister Subrahmanyam Jaishankar said on Tuesday he held talks on trade, critical minerals and energy with US Secretary of State Marco Rubio.

India and the United States have set a target of more than doubling bilateral trade to $500 billion by 2030, while New Delhi has pledged to buy more US energy and defence equipment to help narrow the trade gap, even as trade talks last year failed to result in a deal.

The failure to reach an agreement had pushed the Indian rupee to a record low and spooked investors waiting for progress in two-way negotiations.

"Just concluded a good conversation with Secretary Rubio. Discussed trade, critical minerals, nuclear cooperation, defence and energy," Jaishankar said in a post on X.

The US State Department said that in the call, Rubio congratulated India on its move to end decades of state control over nuclear power, and expressed interest in enhancing US-India civil nuclear cooperation and expanding opportunities for American companies.

"Secretary Rubio and Minister Jaishankar discussed ongoing bilateral trade agreement negotiations and their shared interest in strengthening economic cooperation," it said in a statement, adding that they also discussed regional development and a shared commitment to a free and open Indo-Pacific.