India says keen on swift EU free trade deal

(NEW DELHI) - India said Wednesday it wanted the swift conclusion of a free trade agreement with the European Union and expected some progress when the next round of talks takes place here next month.

"India is committed (to a) very fast and expeditious conclusion of this agreement... we are making progress," Commerce Ministry Joint Secretary Neeraj Gupta told reporters.

India and the EU have had a strategic partnership agreement since 2004 and talks on an free trade agreement began last year, but progress has been slow.

The two sides are due to hold another round of talks in New Delhi in July.

After six rounds the two parties have not been able to arrive at a consensus on the level of trade to be covered under the deal that would eventually eliminate duties on goods.

The European Union is India's largest commercial partner, ahead of China, with annual bilateral trade around 60 billion euros (85.4 billion dollars).

But India ranks only ninth behind South Korea in the EU's list of major trading partners -- a position the French government described last year as "abnormal."

Europe wants to boost ties with the emerging Asian economic giant, which is seen as a relative haven of stability in an often volatile region.

The south Asian giant's nearly 1.2-billion population and growing middle class represent a huge market for EU companies.

The European Union is increasingly looking towards the massive growth potential of Asian markets.