The 48-page draft, that still contains all the unresolved options on the key issues at stake, will form the basis on which ministers from across the globe, including Environment Minister Prakash Javadekar, will try to formulate a binding deal.
As the high-stake climate talks entered its sixth day, negotiators appeared confident that some kind of deal will be reached before the next weekend and they will be able to avert a repeat of the 2009 Copenhagen summit -- that failed miserably.
Observers said very little actual progress has been made in terms of compromises and agreements on contentious points.
However, some progress had been made on loss and damage and many hurdles have been cleared to smooth future talks.
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The draft negotiating text will now be discussed line by line by the ministers of all the countries before reaching an agreement.
"Negotiators have agreed on a new draft agreement which has clearer options and indicates more common ground. Though there is plenty of hard work ahead, the table is now set for ministers to get this done," saidJennifer Morgan, Director of the Global Climate Programme at the World Resources Institute.
Terming India's concerns on energy use as legitimate, they said India has been able to engage on those issues in good faith,exploring how faster means of implementation can helpsupport a faster transition to renewable energy and break itsreliance on coal.
Meanwhile, India is hoping for a "just and equitable" outcome at the Paris summit.
"India is looking at a just and equitable outcome firmly anchored in the UNFCCC. India's priorities are both mitigation and adaptation and both are equally important," said Susheel Kumar, one of the negotiators.
Elaborating on what can be expected from the second week of the conference, observers said countries have made clear their key issues and all nations are supporting the process set out by French Foreign Minister Laurent Fabius which is a good sign and the ministers can now get down to work.