India-US trade deal hinges on preferential terms from Washington: Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said the details of the Bilateral Trade Agreement (BTA) with the US will be announced once Washington offers preferential terms compared to the country's competitors.

"As soon as the US is able to give us the preferential rate in comparison to our competition, we will finalise the BTA and announce the final details," he said at a workshop on free trade agreements.

He said the free trade agreements finalised by India offer huge export opportunities for domestic businesses.

India will conclude more trade pacts in the coming months or years with Canada, Mexico, Chile, Mercosur a Brazil-led group of countries the SACU (Southern African Customs Union ), South Africa-led group of countries, the GCC (Gulf Cooperation Council), comprising six nations in the Middle East, and Israel, he added.