Piyush Goyal Sees Potential to Renew China Ties, Stresses Fair and Stable Engagement

India is willing to expand business and economic ties with countries worldwide, including China, provided that agreements offer fair terms, cooperation remains consistent and geopolitical conditions stay stable, Union Commerce and Industry Minister Piyush Goyal said. Speaking during a panel discussion on supply-chain resilience and technology partnerships at the Bloomberg New Economy Forum, Goyal indicated that New Delhi was exploring opportunities to rebuild economic relations with Beijing while remaining mindful of broader strategic considerations.

“India is open to engaging with all countries when partnerships are based on fairness, continuity and a stable geopolitical environment,” he said. Goyal added that efforts to improve relations with China were underway, although the future direction of the relationship remained uncertain. The minister also expressed confidence in the future of India-US relations, describing the partnership as significant for both nations and the international community. He noted that cooperation between the two countries extended beyond trade to include defence, technology, critical minerals and people-to-people exchanges.

Goyal highlighted the importance of the United States as India's largest trading partner and said the relationship was supported by shared economic, political and security interests. He expressed optimism that bilateral ties would continue to strengthen despite potential changes in political priorities in either country.

Addressing the changing global economic landscape, Goyal said governments were increasingly focused on developing domestic technologies and strengthening supply chains for essential equipment. However, he cautioned that countries could struggle to reproduce capabilities concentrated in a small number of major economies without international collaboration.

He emphasised that India was not seeking to isolate itself from global markets. Instead, the country aims to strengthen self-reliance in strategically important sectors while maintaining efficient international partnerships with trusted countries. According to Goyal, governments must identify critical areas where excessive dependence on foreign suppliers could expose domestic industries to disruptions caused by policy shifts or geopolitical tensions. Building resilient supply chains, he said, requires a balance between domestic capacity and international cooperation.

Singapore Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong also underscored the importance of international collaboration. He said Singapore was working with India to develop its semiconductor industry and train the workforce needed to support the sector's expansion. He added that cooperation remained essential as global trade and technology networks faced increasing fragmentation.

Canada's Minister of International Trade, Maninder Sidhu, said Ottawa was working to diversify its trading relationships and was negotiating a trade agreement with India. He also highlighted Canada's energy resources as a potential source of support for India's rising energy demand. Sidhu said India's energy requirements were projected to increase by 70 per cent by 2035, creating opportunities for greater cooperation between the two countries.

The discussions reflected a broader shift in global economic policy, with countries increasingly prioritising reliable international partnerships, diversified supply chains and collaboration in strategic industries. As geopolitical uncertainties reshape trade relationships, India is seeking to strengthen domestic capabilities while preserving opportunities for mutually beneficial economic engagement with major global partners.