New Delhi, April 17 -- India and Austria on Friday operationalised a bilateral fast-track mechanism (FTM) to facilitate investments and ensure time-bound resolution of business issues, while also underscoring the importance of the proposed India-European Union (EU) trade pact for scaling bilateral trade, according to an official statement from the commerce and industry ministry.

The FTM was launched during Austrian Chancellor Christian Stocker's visit to India, the first such official visit in over four decades, signalling the growing importance of India-Austria ties within the broader India-EU economic framework.

Unveiled at the India-Austria Business Forum in New Delhi, the mechanism will serve as a dedicated platform for companies an...