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Our Bureau

New Delhi, Nov. 26 The European Union is keen on finalising a free trade agreement with India at the earliest, especially as the volume of trade between them was running around €1 billion a week.

Addressing a press conference, the European Commission Delegation Chief, Ms Daniele Smajda, said that though the annual exchange of goods had touched €47 billion, the full potential was yet to be achieved. The press conference was held on the eve of the 8th India-EU Summit that opens here on Friday.

Officials said that a trade and investment agreement would boost investments and trade ties between India and the EU. The European Foreign Ministers have given the nod for talks to start with India for a FTA agreement.

Meanwhile, India and the EU have each set aside €5 million for research in the field of Computational Materials Science, which will see Indian and European scientists work together in the field.

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