India Open to Joint Ventures on Fair Terms, Working To Rebuild China Relations: Piyush Goyal

 New Delhi: Commerce and industry minister Piyush Goyal on Wednesday said that India is working to rebuild its relations with China, but the last word has not yet been scripted on this journey. The minister also said that India is open for joint ventures with any country, provided it gets a fair deal.

“We are open to all countries around the world as long as we get a fair deal, as long as we ensure a continuity in the engagement, and as long as the geopolitical situation does not deteriorate. I think we had some concerns in the past. We are working to develop relations with China once again, but the last word has not yet been scripted on this journey,” he said while speaking at the Bloomberg New Economy event.

The remarks are important, as China is India’s second-largest trading partner. Bilateral trade between the two countries rose 7.9 per cent in 2025-26 to $127.7 billion from $118.39 billion in 2024-25. “There are also issues related to investments from China as India has tightened its FDI policy for countries sharing land borders with it,” the minister said.

As per latest government data, India's exports to China grew 36.62 per cent to $19.47 billion in 2025-26 from $14.25 billion a year ago. “Imports, on the other hand, rose 16 per cent to $131.62 billion during the period. The trade deficit widened to $99.19 billion in the last fiscal from $85 billion in 2024-25. This is an area of concern for the country,” the data showed.

Prime Minister Narendra Modi met with Xi Jinping, President of China, on September 12, 2026, on the sidelines of the BRICS Summit here. Talking about the current geopolitical challenges, Goyal said, “Everybody has recognised the importance of friends, and that's going to be the most important critical element in the years to come.”