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The pact paves the way for freer trade in goods and services between the 27-nation EU and India.
Under the pact, India will extend quota-based import duty concessions.
The agreement comes days after the EU signed a pivotal pact with the South American bloc Mercosur, following deals last year with Indonesia, Mexico and Switzerland.
The deal paves the way for free trade of goods between the bloc of 27 European nations and India, which together make up a quarter of the world's gross domestic product and a market of 2 billion consumers.
Von der Leyen and European Council President Antonio Costa were the chief guests at the Republic Day parade, marking the first occasion when two senior European Union leaders jointly attended India’s flagship ceremonial event.
ECMWF said the planet also just had its first three-year period in which the average global temperature was 1.5 C above the pre-industrial era.
The meetings focused on progress across key negotiating tracks, including market access for goods, rules of origin, and services.
Driven by expectations of a trade deal, the Sensex and Nifty traded higher on Wednesday.
Modi, Costa and von der Leyen welcomed progress in bilateral relations across trade, technology, investment, innovation, sustainability, defence, security, and supply chain resilience.
The Ministry of External Affairs asserts that India's oil imports from Russia are a necessity for national interests, while accusing the US and EU of engaging in their own trade with Russia.
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