In the midst of American reciprocal rates, Austria tells Sitharaman that it is looking for deeper economic ties with India | Mint

New Delhi: US trade policies injure European economies, which make it necessary to deepen innovation-led partnerships with rapidly growing economies such as India, Finance Minister Markus Marterbauer said on Friday. The statement came after Marterbauer and Secretary of State Finance Ministry Barbara Eibinger Miedl met visiting finance minister Nirmala Sitharaman in Vienna to discuss the strengthening of economic and financial cooperation between the two countries. “The US Customs and Trade Policy has a negative impact on European and Austrian economies. This makes it all the more important to strengthen economic cooperation with all partner countries and promote innovation-driven collaboration,” said Marterbauer. “India is the fastest growing economy of all G20 countries with a predicted GDP growth of more than six percent. If trade occurs from fair and sustainable circumstances, both partners will benefit,” he added. Sitharaman’s visit to Austria immediately follows the UK and is aimed at deepening bilateral ties through high level diets and exploring new possibilities for collaboration. Sitharaman visits the US from April 21 to 26. The Austrian finance ministry said that the European country, as an export -driven economy, remains committed to global trade rules and that it is considered a reliable partner as a result of its geopolitical position, economic strength and historical ties. “Collaboration and trade relations with economies such as India are of great importance to our location,” Eibinger-Miedl added. “The exchange with Finance Minister, Finance Minister, underlines the great potential of closer collaboration between Austria and India – especially in the sectors of digital and innovative financial technology,” she added. Sitharaman also met Austrian federal chancellor Karl Nehammer and conveyed greetings from Premier Narendra Modi. Both leaders have confirmed their dedication to undergoing collaboration in investment, trade, fintech and people-to-people, the Austrian finance ministry said. Trade between India and Austria was about $ 2 billion in 2023-24, which includes $ 1.14 billion value and imports worth $ 922 million. American reciprocal rates have disrupted global trade, which has harmed export -dependent economies and indirectly impacts the slowdown of world demand. First published: 11 Apr 2025, 08:22 PM IST