New Delhi: India and Austria on Friday operationalised a bilateral fast-track mechanism (FTM) to facilitate investments and ensure time-bound resolution of business issues, while also underscoring the importance of the proposed India–European Union (EU) trade pact for scaling bilateral trade, according to an official statement from the commerce and industry ministry.
The FTM was launched during Austrian Chancellor Christian Stocker’s visit to India, the first such official visit in over four decades, signalling the growing importance of India-Austria ties within the broader India-EU economic framework.
Unveiled at the India-Austria Business Forum in New Delhi, the mechanism will serve as a dedicated platform for companies and investors from both sides to address issues, fast-track approvals and suggest measures to improve the .
The forum, attended by senior government officials, policymakers and industry leaders, focused on expanding trade, investment and strategic collaboration. Alongside Stocker, Austria’s federal minister for economy, energy and tourism Wolfgang Hattmannsdorfer was present, while the Indian side was led by commerce and industry minister Piyush Goyal.
Discussions highlighted the proposedagreement as a key enabler for reducing trade barriers and boosting investment flows.
Stocker described the visit as a milestone in bilateral ties, highlighting India’s growth trajectory and its importance as a strategic partner.
Addressing the gathering, Goyal pointed to India’s strong macroeconomic fundamentals and resilience amid global challenges, emphasising reforms such as reindustrialisation and the push for advanced manufacturing and smart technologies.
He also called for scaling up bilateral trade, exploring opportunities in labour-intensive sectors, and institutionalising the business forum for sustained engagement.
The ministry said the engagement reaffirmed strong economic linkages and future potential, with both sides committed to deeper cooperation.
The proposed trade agreement is expected to create opportunities for labour-intensive sectors and MSMEs through improved market access and regulatory alignment.
Both sides also identified sustainable development, advanced manufacturing and green technologies as key areas for future collaboration.
Austria noted that has reached about €3 billion, with around 160 Austrian firms operating in India, reflecting steady growth in economic engagement.
Separately, the 17th session of the India-Austria Joint Economic Commission (IAJEC) was held in New Delhi to review bilateral ties and chart a roadmap for future cooperation.
Discussions explored cooperation across sectors including infrastructure (automotive, railways and road transport), scientific research and innovation, skills and vocational training, startups, AYUSH and wellness, tourism, semiconductors, critical minerals, digitalisation, artificial intelligence and film funding.