By Martin Banks - 13th February 2012
The EU and India are the world's two largest democracies
Jose Manuel Barroso
EU and Indian leaders have made "substantial progress" towards a free trade agreement.
There is hope that a deal will be worked out at the "very earliest" possibility, said Indian prime minister Manmohan Singh after a summit on Friday.
The two sides were holding a summit in Delhi to strengthen bilateral trade.
Negotiations on a free trade agreement (FTA) have been taking place since 2008 with little success amid a number of tariff and visa issues
Commenting after the summit, commission president José Manuel Barroso, who attended the meeting with European council president Herman Van Rompuy, said, "India is a natural and strategic partner of the EU, and today's summit contributed to enforce our strong ties."
He went on, "We are indeed making very important changes in Europe - structural reforms, better governance and these changes are part of the wave of reforms that are necessary to increase Europe's competitiveness and Europe's contribution to growth.
"So my message to our Indian friends is that Europe is doing what it takes – and will continue to do what it takes – to restore confidence."
"The EU and India are the world's two largest democracies. Our shared values and strong commitment to representative government, good governance, human rights and the rule of law are an indispensable contribution to global stability and peace."
"The conclusion of the EU-India free trade agreement will be the single biggest trade agreement in the world, benefiting 1.7 billion people.
"It would mean new opportunities for both Indian and European companies. It would mean a key driver for sustainable growth, job creation and innovation in India and Europe."
Barroso said the summit "also saw the signature of declarations on important areas".
He said, "Energy and research are just two concrete examples that our relation is broadening and becoming stronger."
