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News Summary: Germany, India see progress on pact

The Associated Press

TOWARD A DEAL: The leaders of Germany and India said Thursday that progress is being made on a new free trade agreement between India and the European Union but cautioned that there is still work to be done.

LONG TALKS: Negotiations have been ongoing for six years and officials had hoped to conclude the agreement by the end of 2012. But the agreement has been hung up over a wide range of issues.

THE BIG PICTURE: The EU is already India's largest trade partner and the Indian economy is growing robustly, leading European businesses to increasingly look there for new opportunities.