Ministry of Commerce and Industry (MoCI) and Austria launch Fast-Track Mechanism (FTM) to enhance bilateral trade

Key facts

• India and Austria signed and operationalised the FTM during the India-Austria Business Forum held in New Delhi.
• The event marked the first official visit by an Austrian Chancellor to India in over four decades.
• The FTM serves as a dedicated platform for Austrian and Indian investors to resolve operational challenges and improve the ease of doing business.
• Union Minister Piyush Goyal highlighted reindustrialisation and advanced manufacturing as key drivers for the national economy.
• Federal Chancellor of Austria, H.E. Dr. Christian Stocker, noted that bilateral trade between the two nations has reached approximately EUR 3 billion.
• Approximately 160 Austrian firms are currently operating in India.
• Sustainable development, green technologies, and advanced manufacturing were identified as primary areas for future bilateral cooperation.
• The proposed India-European Union (EU) Free Trade Agreement (FTA) was cited as a key enabler to create opportunities for Micro, Small and Medium Enterprises (MSMEs).