The trade agreement is described as “more or less” finalised.
Both sides are working on a framework for preferential market access.
India operates under Most Favoured Nation tariff rules, while the United States uses executive tariffs.
Export growth of over 15% was recorded in the first four months of the year.
Reducing remittance costs from about 5‑6% to around 3% could free up roughly USD 5 billion for Indian workers.
The fintech sector could capture up to 10% of the global trade opportunity, worth up to USD 60‑80 billion.
The deal is expected to be signed at a later date after a few remaining issues are resolved.
India’s exports have risen more than 15% in the first four months, indicating strong trade momentum.
The agreement could lower remittance costs for Indian migrant workers, potentially adding billions of dollars to their incomes.
Officials also highlighted opportunities for Indian fintech services to expand globally.
Want to learn even more? Click here to read the full story!