Piyush Goyal, who holds the commerce portfolio, expressed confidence that bilateral relations between the two countries would grow closer, describing the partnership as stable despite ongoing negotiations over a trade agreement. The remarks were delivered at the Bloomberg New Economy Forum, held in New Delhi.

Goyal argued that ties between the two countries rest on shared economic, political, and security interests — a foundation he described as durable enough to outlast shifts in the direction of policy thinking on either side. He told reporters that deepening ties between India and the United States posed no threat to third-party nations.

Trade between the two nations flows at a volume that places the US at the top of India's partner list, a position he anticipates will hold. He went on to say that the relationship extends beyond trade, threading through areas such as defence, technology, critical minerals, and the movement of people between the two sides.

Negotiations over the agreement have yet to reach a conclusion. Negotiating sessions between the two parties have taken place across multiple rounds, yet gaps on tariff structures and access to each other's markets persist, with the threat of further US duties continuing to weigh on the outlook. Jaishankar told reporters on Tuesday that the discussions had advanced considerably, without offering specifics.

Goyal addressed the topic of China with comparable directness. Partnerships with any nation remain on the table, he noted, provided the terms hold mutual benefit, the relationship proves durable, and conditions on the ground do not deteriorate. Ties between India and China are being rebuilt, he noted, though the path forward remains open-ended and unsettled.

Regulatory adjustments have been put in place across several areas this year. Foreign-owned companies carrying a Chinese equity share under the 10 percent threshold are permitted to enter the Indian market through a non-approval pathway. Investments from China directed at sectors such as capital goods and electronic components are eligible for clearance on a timeline not exceeding 60 days, provided the venture is structured so that an Indian partner retains controlling ownership.

Jaishankar stated that calm had returned to the border area, while also pointing to a trade imbalance and restricted market access for Indian companies operating in China.

Goyal went on to draw attention to the country's broader efforts to expand trade relationships. In the span of roughly four to five years, trade agreements binding India to 38 developed nations took shape, collectively encompassing economies whose combined output stands at around $70 trillion. Negotiations are under way with the Gulf Cooperation Council, Mercosur, the Eurasian bloc, Mexico, and Canada.