New Delhi [India], April 16 (ANI): Austrian Chancellor Christian Stocker on Thursday called the proposed European Union-India Free Trade Agreement 'essential', projecting a potential 75 per cent surge in exports as he highlighted deepening economic ties between Austria and India.

'My visit is in fact a milestone for Austrian-Indian relations. And I am very pleased, and I also think it's a great honour to be the first federal Chancellor to visit India in more than 40 years,' Stocker said, noting the historic significance of the trip.

Referring to Prime Minister Narendra Modi's visit to Vienna in 2024, he added, 'I think we can truly say that the diplomatic relations that we've had for the last 75 years are much stronger than ever before. We will be trying to build on this positive dynamism.'

Stocker emphasised the strong business component of the visit, 'But I haven't come to India alone. I'm accompanied by 60 high-ranking business leaders, the who's who of the Austrian business world,' underlining the growing economic engagement between the two countries.

He added, 'This delegation is led by our Minister for Economic Affairs and Vice President of the Austrian Economic Chamber.Our close political ties are also of benefit for our business landscape.'

Highlighting trade growth, he said, 'India is already one of the most important trading partners outside the EU for Austria. Our bilateral trade has been developing very positively and has increased to about 3 billion euros in the last 10 years.'

He added, 'About 160 Austrian companies are active in the Indian market in important frontier technologies such as semiconductor production and in the field of renewable energies, automotive, and infrastructure.'

Praising India's economic trajectory, Stocker noted, 'India has an impressive growth rate of about 7 per cent per year, and it's one of the most dynamic global markets and a key strategic partner for us.'

The Austrian Chancellor stressed the importance of the India-EU trade deal in a volatile global environment. 'The free trade agreement between the EU and India will help to take this positive development forward. It will reduce trade barriers and create new opportunities for exports, investments and industrial cooperation,' he said.

Calling for stronger alliances amid global uncertainties, he added, 'I think that this agreement is very important, especially in times of geopolitical challenges, because our common response to the multiple crises must be that we have to build alliances and that we need to seek a greater partnership with those who think like us.'

Stocker highlighted the economic potential of the agreement, saying, 'Free trade between equals is something that is essential. This will provide new opportunities. It will provide opportunities, 75% more exports, for instance, in the fields of engineering, electronics, chemical and industrial services.'

Earlier, Prime Minister Narendra Modi held a meeting with Austrian Chancellor Christian Stocker at the Hyderbad House, New Delhi.

Austrian Chancellor Christian Stocker also laid a wreath at Rajghat. Raj Ghat is a serene, open-air memorial in Delhi dedicated to Mahatma Gandhi, marking the spot of his cremation on January 31, 1948.

Earlier on Wednesday, External Affairs Minister S. Jaishankar met Chancellor Stocker during his first official visit to India. The meeting signals a step forward in bilateral ties, with further high-level discussions planned.

In a post on X, Jaishankar said, 'Delighted to call on Federal Chancellor Dr Christian Stocker of Austria, as he begins his first official visit to India.' He added, 'Confident that his discussions with PM Narendra Modi tomorrow will open new avenues for greater cooperation across various domains.'

The Chancellor arrived in India on Wednesday.

Ministry of External Affairs spokesperson Randhir Jaiswal welcomed him, saying, 'A warm welcome to Federal Chancellor Dr Christian Stocker of Austria on his first official visit to India.' He added that the visit would give further momentum to the 'Enhanced India-Austria partnership.'

This is Stocker's first visit to India and his first official trip to Asia since taking office in 2025. During his stay in New Delhi, he is expected to hold detailed talks with Prime Minister Narendra Modi, focusing on cooperation in key sectors, green technology, and trade.

Stocker is accompanied by a delegation of business leaders, senior ministers, and government officials. Both sides are expected to explore collaboration in digital innovation, renewable energy, and advanced manufacturing.

The visit comes amid growing economic ties between India and Austria. The two sides are also expected to discuss regional and global issues and their cooperation in international organisations.

India and Austria share long-standing ties based on what officials describe as shared democratic values. The visit also builds on momentum from Prime Minister Modi's trip to Austria in 2024.

Further groundwork had been laid during the eighth India-Austria Foreign Office Consultations held in Vienna on December 12, where Secretary (West) Sibi George and Austrian Secretary General Nikolaus Marschik reviewed bilateral relations and discussed ways to strengthen India-EU engagement. (ANI)