India, Sept. 17 -- The European Union (EU) on Wednesday proposed a new strategic agenda to raise bilateral relations with India to a higher level.

"Europe is already India's biggest trading partner and we are committed to finalising our Free Trade Agreement by the end of the year. Europe is open for business. And we are ready to invest in our shared future with India." European Commission President Ursula von der Leyen said in a communique released from Brussels.

The European Commission, which is the EU's executive body; and the High Representative, the top diplomat for EU's common policy on foreign and security issues, adopted the Joint Communication addressed to the European Parliament.

"Now is the time to focus on reliable partners ...