Mandelson cites the successful Indian experience of mobile telephone liberalisation, which boosted mobile phone ownership in India by 100% in 2006. Mandelson says the EU would like to see openness in services and investment trade extended into government procurement in India, and would reciprocate any new access India offered.
I've just arrived in India from a week in China and South East Asia, which is quite a long road-trip even for a European Trade Commissioner. When you travel from Shanghai to Beijing to Delhi these days you have a powerful sense of being on the shifting edge of the world's most important economic tectonic plate.
A kind of Himalaya of the global economy. Nobody knows that better than this audience, which makes its living right in the middle of that mountain range of change.
I always get as many of the Indian papers as I can when I am here, and the first thing you notice is how public conversation in this country is tracking the huge economic changes in this country. Commenting on them, celebrating them, and asking what they mean for India.
People often say that India has the most vibrant press in the world, but it is not just the vibrancy: there is often an intellectual seriousness that runs through India's debate on globalisation that frankly Europe should envy.