India Advances Multiple Trade Pacts to Boost Fintech and Market Access

Commerce Secretary Rajesh Agrawal announced that India is utilizing free trade agreements to resolve regulatory hurdles for fintech exports, specifically targeting data flows, cloud computing, and cybersecurity. Speaking at the Global Fintech Fest on September 9, 2026, Agrawal noted that India currently holds a small share of the global financial services trade, which is valued at over $670 billion. He emphasized that responsible technology and cybersecurity standards are prerequisites for global competitiveness rather than constraints.

Regarding bilateral relations, Agrawal stated that a trade pact with the United States is more or less finalized and will be signed at an appropriate time. He explained that the deal requires preferential market access, noting that while India operates on most favored nation tariffs, the U.S. uses executive tariffs. This follows a period where the U.S. imposed an additional 10 percent import duty on several countries, including India, under a Section 301 probe concerning forced labor. Commerce Minister Piyush Goyal is scheduled to visit the U.S. in late September for the G-20 Trade Ministerial to hold bilateral talks with USTR Jamieson Greer.

India is also progressing on other international agreements. Negotiations for a Comprehensive Economic Partnership Agreement with Chile are in the final stages, and a free trade agreement with New Zealand is expected to come into force in October. Additionally, Agrawal mentioned that over 2,000 business delegates from BRICS members will participate in an upcoming meeting to forge new partnerships.

On the domestic front, the Commerce Ministry is experimenting with a Niryat credit card for e-commerce exporters and has seen growth in an order-based lending programme on the Government e-Marketplace. Agrawal highlighted the potential for reducing remittance costs, stating that halving the average cost from 5 to 6 percent down to 3 percent would leave an additional $5 billion with Indian migrant workers.