India, US can do larger trade deal much fast: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India and the US can finalise a larger trade deal "much fast".

He expressed hope that both the sides will close the first set of limited trade package and its legal vetting soon.

"Hopefully we will close the first set of the limited engagement which we have already discussed and finalised ...We will get into legal vetting and close that quickly," he said here at a CII event.

Prime Minister Narendra Modi and US President Donald Trump on Tuesday held delegation-level talks on key issues such as trade and energy cooperation.

The minister said both the leaders have decided to formally engage to move towards a free trade agreement (FTA) between the two big economies.

When asked how fast India and the US can finalise an FTA, he said "I would personally think that we can do a much larger trade deal much fast for 2-3 reasons".

He said rule of law is there in both the democracies and that is very important when one is looking at a trade deal.

"We are both transparent economies... We can trust each other, we can talk with openness and fairness and in the spirit, the two nations have decided to engage on a fast track basis," he said.

"So I certainly do not see that this will be like one of those free trade agreement negotiations going for decades and years," Goyal said.

He said his ministry will conduct comprehensive stakeholder consultations on this.

"I can assure all of you that what will be done will be done in the best interest of both countries," Goyal added.