New Delhi: India and Austria have reaffirmed their commitment to strengthening bilateral trade, investment, and innovation cooperation at the 17th Session of the India–Austria Joint Economic Commission (IAJEC), held in the national capital. Union Minister of Commerce and Industry, Piyush Goyal, underscored the strategic importance of the engagement, highlighting India’s focus on building robust economic partnerships that deliver tangible outcomes across key sectors.
The session was co-chaired by Saket Kumar, Joint Secretary, Department of Commerce, Government of India, and Florian Frauscher, Director General at Austria’s Federal Ministry of Economy, Energy and Tourism. The meeting provided a crucial platform to review the current state of bilateral economic relations and chart a forward-looking roadmap to enhance trade and investment cooperation between the two countries.
During the discussions, both sides undertook a comprehensive assessment of ongoing trade and investment engagements while identifying new areas for collaboration. Key sectors explored included infrastructure—particularly automotive, railways, and road transport—along with scientific research and innovation. The dialogue also focused on strengthening partnerships in dual vocational training, skills development, and mutual recognition of vocational qualifications, reflecting a shared emphasis on building a future-ready workforce.
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Emerging and high-growth sectors featured prominently in the deliberations, with both countries exploring cooperation in startups through global innovation networks, as well as in semiconductors, critical minerals, digitalisation, and artificial intelligence. Additional areas such as AYUSH and wellness, tourism, and film funding were also discussed as potential avenues to diversify and deepen economic engagement.
Notably, both sides welcomed the conclusion of negotiations for the India–European Union Free Trade Agreement (FTA), recognising its potential to further boost trade flows and open new market opportunities. The development is expected to provide an added impetus to India’s economic engagement with Austria and the broader European region.
The meeting concluded with a shared commitment to advancing a future-oriented economic partnership grounded in mutual trust and shared values. Both countries emphasised the importance of sustained dialogue and collaboration to unlock new opportunities, strengthen institutional linkages, and drive long-term growth in bilateral relations.