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.