Negotiations collapsed last year but a date of mid-June has been set to reach a new agreement.
Baroness Ludford said: "This is not a perfect document but in almost every respect it is an improvement on the existing treaties. It will improve decision making and more clearly define and limit what the EU can and cannot do; it should be welcomed.
"I believe the choice must ultimately lie with the British people in a referendum. We need a careful, analytical approach to what is in the UK's best interests, and I look forward to a referendum as a chance to end anti-EU hysteria."
