UPDATE 1-Portugal's Socrates hopes for EU treaty in Oct.

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BRUSSELS, June 23 (Reuters) - Portuguese Prime Minister Jose Socrates said on Saturday a new treaty to overhaul the European Union's institutions should be approved at the next meeting of EU leaders in October.

"It is our intention that at the next (European) Council meeting in October we will approve the treaty," Socrates told reporters after EU leaders agreed at a summit on a detailed negotiating mandate for a new treaty.

Portugal will be charged with launching the negotiations as it takes over the EU's revolving six-month presidency from Germany on July 1. Socrates said his government would open an Inter-Governmental Conference (IGC) on the treaty on July 23-24.

Portugal made clear during this week's summit of EU leaders that it would not open an IGC unless it was given a clear mandate to do so.

"We now have a clear and precise mandate," Socrates said. "We have a mandate but not yet a treaty. Our intention is to start working on it immediately."

Germany agreed with Portugal and Slovenia, which holds the EU presidency after Portugal, to coordinate their leaderships of the bloc in order to obtain a new treaty. It will replace the defunct constitution which was rejected by French and Dutch voters in referendums in 2005.

"The time for reflection in Europe is over," Socrates said, promising Portugal would do its utmost to reach a deal on a treaty quickly.