India-US trade deal ‘more or less’ finalised, framework for preferential access being worked out: Commerce Secretary Rajesh Agarwal

Mumbai: The India-US trade deal has been "more or less" finalised and the two sides are working on a framework for preferential market access before signing it at an appropriate time, Commerce Secretary Rajesh Agrawal said on Wednesday.

Speaking to the media on the sidelines of the Global Fintech Fest 2026, Agrawal said, "There are few things which both sides are discussing, but it will be signed at an appropriate time".

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He said India and the US need to ensure preferential access to each other's markets under the agreement. While India operates on most-favoured-nation (MFN) tariffs, the US is working with executive tariffs, requiring an architecture that would create differentials and preferential market access for India, he said.

Agrawal said businesses on both sides were already engaging strongly and were satisfied with the overall understanding reached between the two governments.

On other trade negotiations, Agrawal said the India-Chile free trade agreement was at the final stage, with some areas still under discussion. "We look forward to next two, three months to be a time period in which we should find some headway," he said.

He also said India was hoping to make the India-New Zealand FTA live "as soon as possible", potentially in October.

On freight costs affecting exporters, Agrawal said the government was working with exporters to ensure access to ships and containers and minimise cargo delays and costs. He said exports had grown by more than 15 per cent in the first four months, indicating the impact of higher freight costs had not been as large as anticipated.

Addressing the summit, Agrawal also highlighted opportunities to expand India's fintech services globally, particularly across the Global South, by building on India's experience with digital payments, lending, insurance and trade finance.

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He said reducing the average cost of remittances for Indian migrant workers from 5-6 per cent to 3 per cent could put an additional USD 5 billion in their hands, while a similar reduction globally could benefit the global migrant population by USD 30 billion.

On e-commerce exports, Agrawal said India currently accounts for about USD 5 billion compared with 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 USD 60 trillion, while 23 countries had signed MoUs with India for cooperation on digital public infrastructure.

"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," Agrawal said, referring to the opportunity for India's fintech services exports.