Piyush Goyal Boosts Trade Ties with South Korea, Signs Pact with Austria

Piyush Goyal held meetings with South Korean and Austrian ministers to bolster economic cooperation. India and Austria signed a FAST-TRACK Mechanism to resolve business issues, aiming to deepen integration and leverage skilled labour with technology.

Union Minister of Commerce and Industry, Piyush Goyal, advanced India's trade agenda through a series of diplomatic engagements on Thursday, holding a virtual meeting with South Korean Trade Minister Yeo Han-koo and an in-person session with Austrian Federal Chancellor Christian Stocker. The meetings, focused on bilateral investment and technological synergy, resulted in the signing of a new mechanism aimed at accelerating business resolutions between India and Austria.

"A constructive meeting with Yeo Han-koo, Trade Minister of South Korea, on strengthening our bilateral economic cooperation. Reaffirmed our shared commitment to deepening trade & investment ties and advancing a comprehensive and mutually beneficial partnership," Goyal stated on X.

India-Austria Business Forum and FAST-TRACK Mechanism

On the European front, the Minister hosted Chancellor Stocker at Vanijya Bhawan, where both leaders co-chaired the India-Austria Business Forum. The session, which included the Austrian Federal Minister of Economy, Energy and Tourism, Wolfgang Hattmannsdorfer, focused on integrating Indian skilled labour with Austrian technical expertise. "Delighted to welcome and host Dr. Christian Stocker, Federal Chancellor of Austria, at Vanijya Bhawan, and to co-chair the India-Austria Business Forum alongside the Federal Minister of Economy, Energy and Tourism of Austria, Mr. Wolfgang Hattmannsdorfer. Encouraging to see growing interest from businesses on both sides to deepen integration, leveraging India's strengths & skilled workforce in synergy with Austrian technology. Both sides signed the FAST-TRACK Mechanism for resolution of issues & increasing ease of doing businesses among the two nations. Reiterated that India, as the fastest-growing major economy with strong fundamentals, presents a compelling opportunity for Austrian businesses to expand, invest and partner for shared growth," the Minister said on X.

Strengthening Strategic Partnership

Earlier, the Austrian Chancellor called on President Droupadi Murmu at Rashtrapati Bhavan, underscoring the strengthening strategic partnership between the two nations. Welcoming Chancellor Stocker on his first visit to India, President Murmu said that India and Austria share close and friendly relations based on common values such as democracy and the rule of law.

The President said that in 2024, on the occasion of 75 years of the establishment of diplomatic relations between India and Austria, Prime Minister Narendra Modi's visit gave a new direction to their relations, leading to expanded cooperation in new areas such as innovation, renewable and clean energy, hydrogen, water and waste management, and AI.

President Murmu underlined that Chancellor Stocker's visit is taking place soon after the conclusion of the India-EU Free Trade Agreement. She expressed confidence that it will provide fresh momentum to India-Austria's growing trade and investment ties. She said that Austrian companies have vast opportunities to expand trade and investment in India, especially in emerging sectors such as semiconductors, green energy, and AI.

She highlighted that both India and Austria are knowledge-based economies and that there are immense possibilities to enhance bilateral cooperation in science, technology, and innovation. The President said that India has one of the world's largest start-up ecosystems. She said she was happy to note that the "India-Austria Start-up Bridge," launched in 2024, is strengthening bilateral cooperation in this area.

The two leaders agreed that this visit would provide momentum to all important dimensions of bilateral relations between India and Austria.

15 Agreements Solidify India-Austria Ties

Building on this diplomatic momentum, India and Austria on Thursday concluded 15 outcomes as part of the four-day official visit of Federal Chancellor Stocker. These agreements cover key areas including defence, technology, trade, innovation and skills development, with a focus on establishing a Joint Working Group on Counter Terrorism between the two nations. These outcomes were finalised following wide-ranging discussions between Prime Minister Narendra Modi and Chancellor Stocker in New Delhi, marking the first visit by an Austrian Chancellor to India in four decades.

Key Agreements Signed

Among the major agreements signed was the Agreement on Audiovisual Co-production, which will promote collaboration between the film industries of both countries, facilitating joint productions and cultural exchange.

To further boost business ties, both countries announced a Fast Track Mechanism for Indian and Austrian companies. This initiative is aimed at addressing investor concerns and improving the ease of doing business to capitalise on the newly concluded India-EU Free Trade Agreement. Both sides noted that the trade pact would create new opportunities for manufacturing, investment, and job creation.

With the conclusion of these 15 outcomes, India and Austria have set the stage for a more innovation-driven and future-ready partnership. (ANI)

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