The European Union (EU) and India hope to conclude a free trade deal during the course of 2008.
Progress towards the much-anticipated deal was made during bilateral talks that took place this week in Delhi.
Indian Prime Minister Manmohan Singh said that the next annual EU-India summit should see an agreement signed.
The summit also looked at intellectual property protection and studied ways to boost investment flows between the EU and India.
EU Trade Commissioner Peter Mandelson and Indian Trade Minister Kamal Nath both expressed their backing for a rapid free trade deal.
Mr Mandelson had called for an "ambitious free trade agreement" between the parties.
Officials used the occasion to stress Indian and EU commitment to reducing carbon emissions ahead of the UN conference on climate change, which is scheduled to begin in Bali on 3 December.