Commerce and Industry Minister Piyush Goyal has expressed optimism about India's future trade position with key Asian markets. According to reports from Rediff Moneynews, Goyal stated that he hopes India will emerge as a major exporter of goods and services to China and the ASEAN region in the coming years. The minister emphasized that India is open to promoting free and fair trade with every country, while welcoming suppliers to meet the growing needs of India. As reported by Rediff Moneynews, Goyal told reporters that 'They (China) are also providing us important intermediate goods, important raw materials. If in any particular product, we find that the fair play or pricing is not proper, then there's an established judicial process, which is conducted'. He added that India believes in the rules of fair play; we believe in the rules of open trade and welcomes suppliers to meet India's growing needs.
Goyal revealed that he held meetings with his Chinese counterpart in Yaounde, Cameroon, and in New Delhi on the sidelines of the Brics Summit. As reported by Rediff Moneynews, the minister stated that India is looking to open markets in different countries on a reciprocal basis for our goods and services. He added that India believes in the rules of fair play; we believe in the rules of open trade and welcomes suppliers to meet India's growing needs. The minister was on a two-day official visit and made these remarks to reporters during his visit.
According to Rediff Moneynews, bilateral trade between India and China rose 7.9 per cent in 2025-26 to $127.7 billion from $118.39 billion in 2024-25. India's exports to China grew 36.62 per cent to $19.47 billion in 2025-26 from $14.25 billion a year ago, while imports rose 16 per cent to $131.62 billion during the period. However, the trade deficit widened to $99.19 billion in the last fiscal year from $85 billion in 2024-25, which remains an area of concern for the country. As reported by Rediff Moneynews, Goyal noted that 'We are looking to open markets in different countries on a reciprocal basis for our goods and services' and expressed hope that 'in the years to come, we will see India becoming a major exporter of goods and services to China and the ASEAN region'.
As reported by Rediff Moneynews, Goyal's remarks came nearly two weeks after the minister on October 14 stated that India is working to rebuild its relations with China, but noted that the last word on this journey has not yet been scripted. The two sides have taken a series of measures to rebuild their ties after coming under severe strain following the deadly Galwan Valley clashes in 2020. On September 12, Prime Minister Narendra Modi conveyed to Chinese President Xi Jinping that peace and tranquillity along the frontier remains an 'essential' basis for the development of India-China relations. The two leaders had met on the sidelines of the BRICS summit in New Delhi last month, with both leaders welcoming 'steady progress' in the bilateral ties. After over four years of frosty ties over the eastern Ladakh military standoff, the two neighbours began to repair their relations following a meeting between Modi and Xi in the Russian city of Kazan in October 2024 that was held after the face-off ended.
According to Rediff Moneynews, there are ongoing issues related to investments from China as India has tightened its foreign direct investment (FDI) policy for countries sharing land borders with it. When asked about China's new export controls on key machinery, including tunnel boring machines, the minister said 'We will work on it'. The restrictions on exports of tunnel boring machines and related items could affect several Indian projects, including underground metro systems, high-speed rail lines and tunnels in various locations, including border areas. As noted by Rediff Moneynews, China is India's second-largest trading partner, making these policy challenges particularly significant for bilateral trade relations.
