EU trade commissioner Mandelson had called for an ambitious free trade agreement" between the Parties to be rapidly executed.
India and the EU summit in New Delhi held to create a trade partnership,a summit to hold ways for intellectual property protection and studied ways to boost investment flows between the EU and India.
Progress towards deal was made during bilateral talks that took place this week in Delhi.
Indian Prime Minister Manmohan Singh said that the next annual EU- India summit should see an a free trade deal in which the agreement to be signed.
EU Trade Commissioner Peter Mandelson and Indian Commerce Minister Kamal Nath both expressed their backing for a rapid free trade deal. Mr Mandelson had called for an “ambitious free trade agreement" between the parties.
India and the European Union today pledged to speed up talks on ambitious market-opening trade pact and enhance cooperation in other fields, including climate change.
After Summit talks between Prime Minister Manmohan Singh and his Portuguese counterpart Jose Socrates, who is the current EU President, the two sides signed two agreements — pact for upgradation of Science and Technology cooperation and an MoU for developmental cooperation. “Prosperity of India and the EU are closely linked," Singh told a joint press conference with Socrates after the talks that covered the entire gamut of bilateral relations besides regional and multilateral issues.
The talks covered developments in Pakistan, Myanmar, Sri Lanka and Afghanistan.
On the international front, the two sides discussed the pressing challenges of climate change and global terrorism.
Turning to the proposed Trade and Investment Agreement, Singh said the two sides reviewed progress of negotiations on it and expressed hope that it will be in place before the next year"s Summit.
Socrates said the Agreement was an “ambitious" one, which will throw open new opportunities for the Indian and European economies. Socrates and European Commission President Jose Manuel Barroso said negotiations on the trade and investment agreement remained “centrepiece of the Summit".
The two sides reiterated their commitment to promote international peace and security.
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