India-US trade deal more or less finalised, to be signed at appropriate time: Commerce Secretary Mr. Rajesh Agrawal
- IBEF
- September 10, 2026
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 Mr. Rajesh Agrawal said on the sidelines of the Global Fintech Fest 2026 in Mumbai. He noted that since India largely operates under Most Favoured Nation tariffs while the US uses executive tariffs, an architecture providing differentials and preferential market access for India needs to be established, adding that businesses in both countries were satisfied with the broad understanding reached so far. On other trade negotiations, Mr. Rajesh Agrawal said the India-Chile Free Trade Agreement was at an advanced stage, with the India-New Zealand FTA expected to be operationalised as soon as possible, potentially in October. He said India's exports grew by more than 15% during the first four months, suggesting the impact of rising freight costs had been less significant than anticipated.
On fintech, Mr. Rajesh Agrawal highlighted India's potential to expand digital payments, lending, insurance and trade finance services globally, particularly across the Global South. He said reducing remittance costs for Indian migrant workers from 5-6% to around 3% could put an additional Rs. 4,772 crore (US$ 5 billion) in their hands, while a similar global reduction could benefit migrant workers worldwide by around Rs. 28,632 crore (US$ 30 billion). On e-commerce, he said India's exports stood at around US$ 5 billion (Rs. 4,772 crore) against approximately Rs. 95,44,000 crore (US$ 1 trillion) in global e-commerce trade, noting India's fintech services exports could grow from Rs. 7,635.20 crore (US$ 8 billion) to Rs. 57,264-76,352 crore (US$ 60-80 billion) if it captures a larger share of global trade opportunities. He added India has signed nine FTAs over five years covering economies with a combined GDP of around Rs. 5,726.40 lakh crore (US$ 60 trillion).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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