India Open To Economic Engagement With China, Says Piyush Goyal; Calls US Ties ‘Very Safe’

India is open to economic engagement with China, provided geopolitical conditions remain stable, Commerce and Industry Minister Piyush Goyal said on October 14, adding that the future of bilateral relations remains open. He also described India’s relationship with the United States as substantive and consequential, expressing confidence that the partnership would strengthen further.

“We are open to all countries around the world, as long as we are assured continuity and the geopolitical situation does not deteriorate,” Goyal said at the Bloomberg New Economy Forum in New Delhi.

On China, the minister said India was working to develop bilateral ties, but “the last word has not been scripted”. His remarks come as New Delhi seeks to strengthen domestic manufacturing while expanding its participation in global trade and technology supply chains.

Goyal Says India-US Ties Will Strengthen Further

Goyal struck a confident note on India's relationship with Washington, describing the partnership as important not only for the two countries but also for the global economy.

“India's relationship with the US is already very good. It is substantive and consequential for the world,” he said, adding that the United States would remain India's largest trading partner in the coming years.

The minister expressed confidence that the relationship would continue to strengthen irrespective of political changes in Washington.

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

The remarks come as India and the US continue discussions on a bilateral trade agreement. New Delhi has also been seeking to diversify its trade partnerships through free trade agreements and negotiations with several economies and regional blocs.

Goyal said India had entered into trade agreements with 38 developed nations over the past four to five years, covering economies with a combined gross domestic product of around $70 trillion.

He also cited ongoing trade negotiations involving the Gulf Cooperation Council, Mexico, Canada, Mercosur and Eurasia as part of India's efforts to widen market access and expand economic cooperation.

Covid Experience Strengthened Push For Self-Reliance

Goyal said the Covid-19 pandemic had exposed India's vulnerabilities arising from dependence on other countries for essential supplies, reinforcing the government's focus on domestic manufacturing in strategically important sectors.

“During Covid, we recognised the vulnerabilities that a nation like India had to go through. We were let down miserably by all countries,” he said, referring to difficulties in accessing vaccines, including those developed by Pfizer and Moderna.

The minister contrasted these challenges with India's efforts to supply medicines and food grains to countries facing shortages. He said the experience had strengthened the case for building domestic capabilities in sectors such as semiconductors.

However, Goyal stressed that self-reliance did not mean withdrawing from international trade.

“We do not believe in isolation,” he said, pointing to India's expanding network of trade agreements and its efforts to establish stronger links with global markets.

He also highlighted the growing importance of technology in shaping international economic partnerships, arguing that countries would need to collaborate according to their respective strengths.

“Technology will not be a preserve of a few countries,” Goyal said.

He said the emerging technology ecosystem would draw on different countries' contributions, including skilled talent, consumer markets, equipment and manufacturing capabilities.

According to the minister, countries would need to frame their economic and technology strategies based on their level of development, population and individual strengths rather than follow a single model of global integration.

His remarks underline India's attempt to balance strategic autonomy and domestic manufacturing with deeper international economic engagement, even as geopolitical uncertainty continues to shape trade and supply-chain decisions.