Formula 1 and the FIA aim to have its vision for the sport in 2021 finalized in time for a meeting ahead of the second race of the season in Bahrain.

The current commercial agreements tying the teams to the sport are due to expire at the end of 2020, and coincide with F1 and the FIA wanting to make significant changes. FIA president Jean Todt says an overall proposal is due to be discussed during a meeting in just over 10 days, and says it has taken time to the many different aspects that need addressing.

“We will have a Strategy Group meeting on March 26 in London, and we will have also the F1 Commission on the same day,” Todt (pictured at left, above) said. “We should be ready with the global package and the commercial side, financial side, which is the responsibility of Formula 1.

“We have the cost control, a new initiative which is quite well advanced. We have engine regulations which have been sent to the teams a few days ago, and we have chassis regulations, and we have the governance.

“Those are all the different chapters on which we are working, and we should be in a position to have a finalized package to discuss with the teams on March 26.”

Todt was speaking during a joint press conference with F1 chairman and CEO Chase Carey in Melbourne ahead of this weekend’s Australian Grand Prix, and Carey says any further details will not be leaked from a Liberty Media point of view.

“I think those discussions are probably best not to have them on a stage with an audience,” Carey (pictured at right, above) said. “I think they’re best had privately between us and the teams.

“I think we’ve made good headway. I think there is a general agreement and direction that we’re heading with everything.

“You get into the details, and if you’ve got 10 teams, you’ve got 10 different views of the details, so that’s part of what thrashing this out is. But it’s not unique in the world to try and find the right compromises.”