Ahead of the India-EU Summit, a high-powered panel headed by Prime Minister Manmohan Singh is likely to review tomorrow the progress of negotiations for a free trade agreement under way since 2007.

The Prime Minister's Trade and Economic Relations Committee (TERC) is also expected to review the progress of other free trade agreements including that of with Australia and New Zealand, sources said.

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The talks were to conclude in 2011, but differences among the two sides on the level of opening of the market came in the way of the Bilateral Trade and Investment Agreement (BTIA).

The pact is meant to open Indian and the European markets for trade in goods, services and investment.

"The talks are at crucial and final stage. You will hear some announcement during the Summit," an official said.

The official said that some issues need to be worked out, particularly in regard to the automobile industry and services sector. The Europeans are seeking a substantial cut in import duties on their cars into the Indian market, while the domestic industry here is showing resistance.

EU also wants India to open its services sector including in banking and other financial services besides foreign direct investment in retail.

Also, the 27-nation bloc has been pressing India to agree for an intellectual property rights regime over and above what the country has agreed multilaterally in the World Trade Organisation (WTO).

The FTA would involve slashing of duties on over 90% of the trade and opening up of the mutual markets for services and investment.

The two-way commerce stood at $75 billion in 2009-10. India has already implemented comprehensive FTAs with countries like Japan, Malaysia and South Korea.

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