India and the European Union (EU) Friday agreed to expedite talks on a broad-based trade and investment agreement and cut a deal, but cautioned against rashness in the process.

"Both sides have made considerable progress in the negotiations on the Broad-Based Trade and Investment Agreement. There are complex issues involved, but we have both agreed to expedite discussions so that we can conclude an agreement at the very earliest," Indian Prime Minister Manmohan Singh said at the 12th India-EU summit here.

Singh held talks with European Council President Herman Van Rompuy and they agreed to tackle pending issues over such an agreement, which has been under negotiation since 2007.

"We seek solutions that are practical, mutually beneficial and acceptable to both sides," he said after the talks. Rompuy also said the two sides had made substantial progress and hoped that an agreement would be reached soon.

No time framework for signing such an agreement was given by either side.

India is not happy with EU's visa regulations for Indian professionals and its demand for reduction in tariffs on cars and spirits imported from Europe, official sources here said.

Some left-wing parties in India has cautioned the government against signing a free trade agreement with EU quickly as the opening of Indian market to EU products would greatly affect many Indian economic sectors and its population.