India-US ties will only get stronger, rest of the world need not worry: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Wednesday expressed confidence that India-US relations would strengthen further, describing the partnership as consequential for both countries and the global economy despite differences over trade and tariffs.

Speaking at the Bloomberg New Economy Forum 2026 in New Delhi, Goyal said the relationship remained strong and was not limited to commercial engagement. He also sought to reassure other countries that closer cooperation between New Delhi and Washington should not be a cause for concern.

“The US and India have a very, very consequential relationship, and it's only going to get better,” Goyal said, adding that the partnership would remain strong irrespective of changes in political thinking in either country.

“It's a safe relationship. I don't think the rest of the world needs to worry about it,” he said.

His remarks come as India and the US continue negotiations for a bilateral trade agreement (BTA), with differences over tariffs and market access complicating efforts to conclude a deal. Despite the prolonged negotiations, Goyal said he did not see a fundamental problem in the broader relationship.

India-US trade deal remains elusive

To be sure, both the countries have held multiple rounds of negotiations for a trade agreement but have yet to finalise the pact. The delay has kept businesses awaiting clarity on tariffs and market access, even as differences over other issues have strained bilateral ties.

Goyal said the relationship extended beyond trade to defence, technology, critical minerals and people-to-people engagement. The US is India's largest trading partner and, he said, would continue to be so in the coming years.

The minister's comments did not signal an immediate breakthrough in the trade negotiations. Instead, they underlined New Delhi's position that differences over a commercial agreement should not define the entire relationship.

The two countries continue to engage across multiple areas, including defence cooperation and technology supply chains, even as they navigate disagreements over trade and other policy matters.

India open to rebuilding ties with China

Alongside his confidence in India-US ties, Goyal signalled that New Delhi remained open to improving economic engagement with China, provided the terms were fair and geopolitical conditions remained stable.

“We are open to all countries around the world as long as we get a fair deal, as long as we are ensured continuity in the engagement, and as long as the geopolitical situation does not deteriorate,” he said.

On China, the minister said India was working to develop the relationship again, but added that “the last word has not yet been scripted on this journey”.

The remarks indicate India's willingness to maintain economic engagement across markets while accounting for geopolitical risks and the need for reliable trade and supply-chain relationships.

Trade agreements cover $70 trillion in GDP

Highlighting India's expanding trade engagement, Goyal said the country had entered into preferential trade agreements with 38 developed nations over the preceding four to four-and-a-half years.

These agreements cover economies with a combined GDP of around $70 trillion, compared with approximately $10 trillion covered by India's preferential market-access arrangements before 2014, he said.

India is also pursuing trade negotiations with several economic blocs and countries, including the Gulf Cooperation Council, Mexico, Canada, Mercosur and Eurasia. The broader objective is to improve access for Indian businesses, attract investment and diversify export markets.

The expansion of trade partnerships is part of New Delhi's effort to integrate domestic companies into global supply chains while strengthening manufacturing capabilities at home.

Singapore, Canada see scope for closer cooperation

The forum also highlighted opportunities for India to deepen economic engagement with other partners.

Singapore Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong said Singapore was working with India to develop its semiconductor industry and train workers to support the sector's growth.

Canadian Minister of International Trade Maninder Sidhu said Canada was seeking to diversify its trading relationships and was negotiating a trade agreement with India. He also identified energy as a potential area of cooperation, citing India's growing requirements and Canada's resource base.