India-EU trade pact nears, as generic drug row 'resolved' at Brussels summit meeting

European Commission president Jose Manuel Barroso revealed last Friday that a trade and investment agreement between the European Union and India would be concluded in the first part of next year. Negotiations for such a Free Trade Agreement (FTA) were launched in June 2007.

Speaking at a press conference after an EU-India summit in Brussels, Belgium, on December 10, Mr Barroso said: “Today, we have agreed on the basic contours of an ambitious agreement, and to give the final political push to these talks. Our aim is to conclude negotiations next spring or in any case as early as possible during 2011.”

In a joint statement, Indian Prime Minister Manmohan Singh, European Council President Herman Van Rompuy and Mr Barroso said they looked forward to a free trade agreement (FTA) being concluded in the spring. But some problems remain in finalizing the accord that is expected to boost the two-way business volume between the countries to 100 billion euros ($133.8 billion) from 77 billion euros presently.