New Delhi, Feb 11 (IANS): India and the 27-nation European Union (EU) Friday agreed to intensify talks to conclude a broad-based trade and investment accord soon and signed two agreements, including on research and innovation cooperation.
The two sides also decided to step up their cooperation in combating terrorism and piracy as they underlined the importance of Pakistan's cooperation "to eliminate terrorism and dismantle terrorist networks".
Prime Minister Manmohan Singh held the 12th India-EU Summit with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso that focused on a wide swathe of issues, including enhanced economic and security cooperation between the two sides.
The leaders of India and the EU also discussed the broad spectrum of their engagement, including energy cooperation, science and technology, culture, counter-terrorism, piracy and cyber-security.
The EU is India's largest trading partner, with bilateral trade estimated at $107 billion.
The two sides also exchanged views on global issues, including the situation in Syria and Iran and developments in Afghanistan and Pakistan.
After the talks, India and the EU signed a joint declaration on research and innovation cooperation and a memorandum of understanding on statistical cooperation which have the potential to ramp up economic ties between the two sides.
Referring to the broad-based trade and investment agreement which the two sides have been negotiating for years, Manmohan Singh said that although both sides have made "considerable progress" in negotiations, there still remain complex issues on the way.
"There are complex issues involved, but we have both agreed to expedite discussions so that we can conclude an agreement at the earliest," the prime minister said at a joint press conference with the EU leaders.
"We seek solutions that are practical, mutually beneficial and acceptable to both sides," he stressed.
Barroso stressed that the two sides have taken a "significant step forward" during talks to reach the defining trade agreement and hoped that negotiations should be completed late this autumn. "Our positions are now closer in all areas and the contours of the final agreement are emerging."
"We have, therefore, committed to intensifying these negotiations. I expect the finalization of these negotiations this autumn," he said. "Negotiations on an ambitious and balanced package are now close to completion which is expected to provide a new thrust to bilateral trade, investment and economic cooperation," said a joint statement.
Commerce and Industry Minister Anand Sharma and European Trade Commissioner Karel De Gucht would monitor the progress of these negotiations for an early conclusion.
Voicing hope for an early economic recovery for the EU, Manmohan Singh also pitched for "greater investment flows in both directions" and underlined that it was a win-win proposition for both sides.
"I conveyed to the EU leadership the importance India attaches to EU's participation in our growth agenda including in infrastructure development, clean energy technologies, innovation, research and skill development," said Manmohan Singh.
Expanding security and counter-terror cooperation figured prominently in the talks, with special focus on enhanced cooperation in cyber security. The two sides also spent some time discussing the volatile situation in Pakistan and its implications for combating terror.
"Leaders stressed that a stable and democratic Pakistan is in the interest of the entire region," said the joint statement. "They agreed that terrorism and violent extremism represent serious threats to international peace and security and on the importance of Pakistan's cooperation with countries in the region to eliminate terrorism and dismantle terrorist networks," it said.