London, Apr 11 (PTI) Vienna cited the "strain" caused by the new US tariffs and urged strengthening economic cooperation with partner countries, as Finance Minister Nirmala Sitharaman met her Austrian counterpart during her Europe trip.

The Austrian Federal Ministry of Finance issued an update on Sitharaman’s meetings with Finance Minister Markus Marterbauer and State Secretary Barbara Eibinger-Miedl in the capital on Thursday afternoon.

“The US tariff and trade policies are putting a strain on the European and Austrian economies. This makes it all the more important to strengthen economic cooperation with all partner countries and promote innovation-driven collaborations,” said Minister Marterbauer.

“India is the fastest-growing economy of all G20 countries, with projected GDP growth of over six per cent. If trade takes place under fair and sustainable conditions, both partners will benefit," he said.

As an export-oriented economy, Austria said it has always been committed to common international rules and standards that promote prosperity and stability.

The statement said that opportunities for investment and cooperation between startups in India and Austria, particularly in the field of fintech, were among the focus areas of discussion during Sitharaman’s visit to Vienna.

Officials said the aim of her visit is to deepen India's economic and financial relations with Austria through high-level dialogues, bilateral meetings and exploring cooperation opportunities.

“Indian Finance Minister Nirmala Sitharaman reported on key aspects of the Indian economy, key reforms, and policy measures,” the statement said.

“She explained the opportunities for investment and business cooperation between the two countries, including through the National Investment and Infrastructure Fund, in the areas of e-mobility and semiconductors, as well as between start-ups on both sides, particularly in the area of financial technology,” it noted.

It reiterated that its geopolitical location, historical roots, and economic strength make Austria a reliable trading partner for India.

"Cooperation and trade relations with economies like India are of great importance for our location. The exchange with Finance Minister Sitharaman underscores the great potential for deeper cooperation between Austria and India – especially in the areas of digital and innovative financial technologies,” stated Barbara Eibinger-Miedl.

“Together, we can create framework conditions that promote sustainable growth and open up new market opportunities for our domestic companies," she added.

Meanwhile, the Indian Ministry of Finance revealed that Sitharaman has invited Marterbauer to visit India with a business delegation to explore sectoral opportunities for collaboration and share best practices with each other.

Sitharaman is in Austria as part of her two-nation Europe tour, which started in London for the India-UK Economic and Financial Dialogue earlier this week. PTI AK GRS GRS GRS

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Sitharaman's Europe visit: Austria flags US tariffs, urges strengthening cooperation between partners

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