Sunnyvale, CA -- (SBWIRE) -- 03/13/2012 -- The European Union and India have advanced negotiations on the free-trade agreement which is expected to be finalized by the end of 2012. The agreement, once complete, is expected to boost bilateral trade leading to increased international business expansion opportunities for both European and Indian companies.

Representing the European Union at the recently held EU –India Summit in New Delhi, Commission head Jose Manuel Barroso said that the EU-India trade agreement would be the largest trade agreement in the world, leading to sustained growth and increased job opportunities.

In 2010, the European Union traded with India for around €86 billion in goods and services - exported €35 billion and imported €33 billion and recorded a 20% increase in bi-lateral goods trade between 2010 and 2011.

Consequently, India’s rank advanced from fifteenth to eighth on EU’s main trading partners list since 2002. Both countries agreed to collaborate on research studies in energy, health, information and communication technologies, while also develop links between universities and industries.

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