New Delhi, Feb 25 (IANS): Union Commerce Minister Piyush Goyal said on Tuesday that India and the US have decided to fast track negotiations in moving towards a larger trade deal.

Goyal said India will close the first leg of limited engagements with US shortly and can move quickly on a larger trade deal with the US.

"Whatever deal will be done will be a win-win agreement, and from India's side US will be given such an offer which it will not be able to refuse," he said at the US-India Business Council organised by CII and USIBC.

"With US, we can do a much larger trade deal much faster... As both are true democracies, transparent. On that basis the nations have decided to engage on a fast track basis. We will have stakeholder consultations from both sides with industry groups on market access, opening up of services, investment protocols. I can assure what will be done, will be done in the best interests of both countries. It will be an offer, at least from our side, that the US cannot refuse," Goyal said.

The proposed deal he said will be much different from what India had signed earlier.

Earlier at the Hyderabad House, Trump at the joint statement said a trade deal in India is in the works but didn't share beyond that. Modi said the Commerce Ministers of both countries have had positive talks on trade.

"Both of us have decided that our teams should give legal shape to these trade talks. We also agreed to open negotiations on a big trade deal," Modi said.