The India-US trade deal has been “more or less” finalised, with both sides working on a framework for preferential market access before the agreement is signed at an appropriate time, Commerce Secretary Rajesh Agrawal said on Wednesday.
Speaking to reporters on the sidelines of the Global Fintech Fest 2026 in Mumbai, Agrawal said some issues were still being discussed between the two sides.
“There are few things which both sides are discussing, but it will be signed at an appropriate time,” he said.
The Commerce Secretary said India and the United States need to ensure preferential access to each other’s markets under the proposed agreement.
He explained that India largely operates under Most Favoured Nation (MFN) tariffs, while the US is currently using executive tariffs, making it necessary to establish an architecture that provides differentials and preferential market access for India.
Agrawal said businesses in both countries were already engaging strongly and were satisfied with the broad understanding reached between the two governments.
On India’s other ongoing trade negotiations, he said the India-Chile Free Trade Agreement was at an advanced stage, with some issues still under discussion.
“We look forward to the next two, three months to be a time period in which we should find some headway,” he said.
Agrawal also said India was looking to operationalise the India-New Zealand Free Trade Agreement “as soon as possible”, potentially in October.
On concerns over rising freight costs affecting exporters, the Commerce Secretary said the government was working with exporters to ensure adequate access to ships and containers and minimise delays and logistics costs.
He said India’s exports had grown by more than 15 per cent during the first four months, indicating that the impact of higher freight costs had not been as significant as initially anticipated.
Addressing the Global Fintech Fest, Agrawal highlighted the potential for India to expand its fintech services globally, particularly across countries in the Global South.
He said India could build on its experience in digital payments, lending, insurance and trade finance to expand its presence in international markets.
Agrawal also highlighted the potential gains from reducing remittance costs for migrant workers.
He said bringing down the average cost of remittances for Indian migrant workers from 5-6 per cent to around 3 per cent could put an additional USD 5 billion in their hands.
A similar reduction in remittance costs globally could benefit migrant populations worldwide by around USD 30 billion, he said.
On e-commerce exports, Agrawal said India’s current share stood at around USD 5 billion, compared with approximately USD 1 trillion in global e-commerce trade.
He said India had signed nine trade agreements over the past five years covering economies with a combined GDP of around USD 60 trillion.
In addition, 23 countries have signed Memoranda of Understanding with India for cooperation in digital public infrastructure, he said.
Highlighting the potential for India’s fintech sector, Agrawal said the country’s fintech services exports could grow significantly if India captures a larger share of the global trade opportunity.
“If we can partake even 10 per cent of the trade we are talking, a journey of USD 8 billion to maybe USD 60 to 80 billion,” he said. (ANI)
