India is open to rebuilding economic ties with China, provided any renewed engagement offers fair terms, continuity and a stable geopolitical environment, Union Commerce and Industry Minister said, signalling scope for closer business relations between the two countries.
Speaking at the Bloomberg New Economy Forum, Goyal said India was willing to engage with countries worldwide as it seeks to strengthen supply chains, expand technology partnerships and reduce vulnerabilities arising from geopolitical tensions.
“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,” Goyal said during a panel discussion on supply-chain resilience and technology partnerships.
“We are working to develop the relation with China once again, but the last word has not yet been scripted on this journey,” he added.
India-China Economic Ties: What Did Piyush Goyal Say?
Piyush Goyal’s remarks suggest that , although the terms and pace of any progress remain uncertain.
The minister said India was not pursuing isolation but wanted to balance self-sufficiency in critical sectors with cooperation among trusted international partners. He highlighted the risks of relying heavily on external suppliers when geopolitical developments or policy changes could disrupt production.
Goyal also stressed that countries could struggle to replicate technological and industrial capabilities developed at scale by a handful of economies without international cooperation.
“It may not be possible that we can replicate what one or two countries have been able to do at really big scale unless we join hands, unless we work together,” he said.
His comments placed supply-chain diversification and international partnerships at the centre of India’s economic approach.
India-US Relations Remain Strong, Says Goyal
Goyal also described India’s relationship with the United States as consequential for both countries, expressing confidence that bilateral ties would strengthen further.
“I think the have a very, very consequential relationship, and it’s only going to get better,” he said.
He said the partnership extended beyond trade to defence, technology, critical minerals and people-to-people ties. Describing the US as India’s largest trading partner, Piyush Goyal said economic, political and security interests would continue to underpin the relationship despite changes in political thinking in either country.
India Expands Technology And Supply-Chain Partnerships
The panel discussion also highlighted efforts by other countries to strengthen industrial cooperation and diversify trade.
Singapore Deputy Prime Minister and Trade and Industry Minister said Singapore was working with India to develop its semiconductor industry and train workers to support its expansion.
Canadian Minister of International Trade Maninder Sidhu said Canada was accelerating efforts to diversify its trading partners and negotiating a trade agreement with India.
Sidhu also highlighted Canada’s energy resources as a potential source of supply for India, saying India’s energy requirements were expected to rise by 70% by 2035.
What Goyal’s Remarks Mean For India-China Trade
Piyush Goyal’s comments indicate that India remains open to exploring closer economic engagement with China, provided the relationship offers fair terms and is not undermined by geopolitical instability.
However, he did not announce a new trade arrangement or outline immediate steps towards closer cooperation. His statement that the future of bilateral ties remains undecided leaves the scope and pace of any renewed engagement open.