India and EU Summit -Free Trade agreement on anvil

European Union,a conglomerate of Twenty seven members states is India's largest trading Partner.India is its key source of foreign investment. India - 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
“centerpiece of the Summit".

The two sides reiterated their commitment to promote international
peace and security.

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