Commerce Minister Piyush Goyal said India-US ties will strengthen, calling the bond secure even as the trade deal remains pending.

He was speaking at the Bloomberg New Economy Forum in New Delhi. Goyal said the relationship will hold up whichever way political thinking shifts in either country, because it rests on economic, political and security needs.

Other countries, he said, have no reason to worry that closer India-US ties will hurt them. The US is India’s largest trading partner, and he expects that to last.

The bond also goes beyond trade, he added, reaching into defence, technology, critical minerals and people-to-people exchanges. The trade deal itself is still unfinished.

The two sides have held several rounds of talks, but differences over tariffs and market access remain, and US tariff threats keep adding to the uncertainty.

External Affairs Minister S Jaishankar said on Tuesday that talks are far along, though he gave no details. Goyal was equally open on China.

India will work with any country, he said, if the deal is fair, the engagement lasts and the geopolitical situation does not worsen.

He added that India is rebuilding ties with China, but nothing about that journey is final.

India has eased some rules this year. Overseas firms with a Chinese stake below 10% now get an automatic route into India.

Chinese investment in areas such as capital goods and electronic components can win approval within 60 days, but only through joint ventures where an Indian partner holds the majority.

Jaishankar said peace has returned along the border, but flagged a lopsided trade balance and an uneven playing field for Indian businesses in China.

Goyal also pointed to India’s wider trade push. Over roughly the past four to five years, India signed trade agreements with 38 developed countries, covering economies worth around $70 trillion.

Talks are on with the Gulf Cooperation Council, Mexico, Canada, Mercosur and Eurasia.

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