The 17th India–Austria Joint Economic Commission and the India–Austria Business Forum were held in New Delhi, launching a bilateral Fast-Track Mechanism and reaffirming commitment to stronger trade, investment, and innovation cooperation between the two countries.
NEW DELHI – The 17th Session of the India–Austria Joint Economic Commission (IAJEC) was held in New Delhi, with Union Minister of Commerce and Industry Piyush Goyal highlighting the strategic importance of the engagement and emphasising India's commitment to strengthening economic partnerships that translate into tangible outcomes across trade, investment, and innovation.
The IAJEC was co-chaired by Saket Kumar, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, and Mr. Florian Frauscher, Director General, Federal Ministry of Economy, Energy and Tourism of the Republic of Austria.
Bilateral Trade and Sectoral Cooperation
The meeting served as an important platform to review the current status of bilateral economic relations, enhance cooperation across priority sectors, and outline a forward-looking roadmap for strengthening trade and investment ties. Discussions included a comprehensive assessment of bilateral trade and investment relations, with both sides exploring cooperation opportunities across infrastructure — covering automotive, railways, and road transport — scientific research and innovation, dual vocational training, skills development and recognition of vocational qualifications, startups under the Global Innovation Network, AYUSH and wellness, tourism, semiconductors, critical minerals, digitalisation and artificial intelligence, film funding, and other trade and business-related areas.
Both sides also welcomed the conclusion of negotiations for the India–European Union Free Trade Agreement (FTA).
The IAJEC reaffirmed India's commitment to strengthening a future-oriented economic partnership with Austria, based on mutual trust and shared values, while creating new avenues for deeper engagement with Europe.
India–Austria Business Forum and Fast-Track Mechanism
On the same occasion, the India–Austria Business Forum was held at Vanijya Bhawan, New Delhi, on the occasion of the visit of Federal Chancellor of Austria, H.E. Dr. Christian Stocker. Federal Minister of Economy, Energy and Tourism of Austria, H.E. Wolfgang Hattmannsdorfer, also participated in the forum. The Indian side was led by Union Minister Piyush Goyal. The forum brought together senior government representatives, policymakers, and industry leaders to explore opportunities for enhancing trade, investment, and strategic collaboration.
A bilateral Fast-Track Mechanism (FTM) was signed and made operational during the forum. The FTM provides a dedicated platform for Austrian companies and investors in India, as well as Indian companies and investors in Austria, to facilitate investments, address issues, and ensure their timely resolution. It will also serve as a forum for sharing suggestions to improve ease of doing business in both countries, reflecting the shared commitment to strengthening investor confidence.
A Historic Visit
The visit of Federal Chancellor Dr. Christian Stocker represents the first official visit by an Austrian Chancellor to India in over four decades, underscoring the growing importance of India–Austria relations within the broader India–EU economic framework. The Chancellor described the visit as a milestone in bilateral relations and highlighted steady growth in economic engagement between the two countries. He noted that bilateral trade has reached approximately €3 billion and that around 160 Austrian firms are operating in India. He also emphasised India's growth trajectory and its importance as a strategic partner, and highlighted the potential of the India–EU FTA to significantly enhance exports in key sectors.
India–EU FTA as a Key Enabler
Discussions at the forum underscored the importance of the proposed India–EU FTA as a key enabler for scaling trade, reducing barriers, and facilitating investment flows. The forum identified sustainable development, advanced manufacturing, and green technologies as priority areas for future cooperation. The FTA is expected to create opportunities for labour-intensive sectors and MSMEs through enhanced market access and improved regulatory frameworks.
Both government and industry stakeholders emphasised the importance of proactive engagement by businesses to fully realise the benefits of the proposed agreement. Industry representatives were encouraged to prepare for its implementation to ensure wider participation, including MSMEs and innovation-driven enterprises.
Union Minister Piyush Goyal highlighted the strong macroeconomic fundamentals of the Indian economy and its resilience amid global challenges. He underscored the role of reforms — including reindustrialisation and the promotion of advanced manufacturing and smart technologies — as key drivers of growth, and emphasised the need to scale bilateral trade, explore opportunities in labour-intensive sectors, and institutionalise the Business Forum for sustained engagement.
The India–Austria Business Forum reaffirmed the strong foundation and future potential of bilateral relations, with both countries well positioned to further deepen their economic partnership through aligned priorities, complementary strengths, and a shared commitment to sustainable growth.
