Leaders of the European Union countries are negotiating on a new budget for the 27-nation group, which is estimated to be worth a whopping _1 trillion, or $1.3 trillion.

European Union leaders met on Friday to reach on an agreement on the budget that will support farming, transportation, research and infrastructure in the 27 nations. However, even after 15 hours of negotiations, the leaders are yet to arrive on common ground on the budget for the union.

The budget for the union is negotiated every seven years and leaders jostle to get the best deals for their citizens instead of aiming for an appropriate pan European budget. The meeting was a second attempt by the leaders to reach a deal on the funding package that will be applicable from 2014 to 2020.

The leaders met earlier in November to try to reach agreement on the financial details. The funding package is equal to just about 1 per cent of the Gross Domestic Product of the European Union. The European Commission is seeking to increase the budget to 5 per cent to more than _1 trillion.

Herman Van Rompuy, the president of the European Council said that the amount will be around _960 billion and said that the individual countries will have to pay _908 billion in cash to the union.