India, EU still some distance away from finalizing trade,investment pact: Manmohan Singh

BRUSSELS - India and the European Union are close to signing a broad-based trade and investment agreement, visiting Indian Prime Minister, Dr. manmohan Singh, said here on Friday during a joint media interaction with the President of the European Council, Herman Van Rompuy, and the President of the European Commission, Jose Manuel Barroso.

“Our two sides have done commendable work in negotiations of an India-EU broad-based trade and investment agreement. We are at the last stages of this complex exercise. We have directed our officials to redouble their efforts to reach a conclusion by the spring of 2011. Finalisation of a balanced agreement will bring enormous benefits to both sides,” Dr. Singh said.

Acknowledging that the partnership between India and the European Union has matured tremendously, Dr. Singh said: “Today, it covers the entire gamut of areas ranging from the political and security to education and science.”

“Its significance transcends the purely bilateral. We have had extremely productive and useful discussions today. These are reflected in the joint statement that has been issued. We have also issued a joint declaration on culture and another on international terrorism,” he added.

He also said that both sides We reviewed the progress that has been made in the implementation of the Joint Action Plan, which is the template of our cooperation. Agreements on cooperation on peaceful uses of nuclear energy, and maritime transport are under negotiation. By Smita Prakash(ANI)