New Delhi, Sep 4 (PTI) India and European Union on Thursday pledged to seal their much-awaited free trade deal by December with Prime Minister Narendra Modi and the 27-nation bloc's top leaders Antonio Costa and Ursula von der Leyen pledging to promoting a rules-based global order, amid Washington's disruptive trade policies.

In a joint phone call with Costa and von der Leyen, Modi reiterated India's consistent support for peaceful resolution of the Ukraine conflict and early restoration of peace and stability.

The leaders underlined the role of the India-EU strategic partnership in jointly addressing global issues, fostering stability, and promoting a rules-based order for mutual prosperity, an Indian readout said.

The phone talks among the three leaders came as India looks to blunt the impact of the Trump administration's 50 per cent tariff on Indian goods.

The three leaders also discussed holding the next India-EU summit in India at an early date of mutual convenience and PM Modi invited Costa and von der Leyen for the same.

The Ukraine conflict also figured in the conversation with von der Leyen saying in a social media post that India has an important role to play in bringing Russia to end "its war of aggression and helping create a path towards peace".

The European Commission president welcomed India's continued engagement with President Volodymyr Zelenskyy. "This war carries global security consequences and undermines economic stability. So it is a risk to the entire world." The phone call, largely focusing on India-EU free trade deal and the summit, came days before EU trade commissioner Maros Sefcovic's planned trip to New Delhi amid reports of both sides making significant headway towards finalising the trade pact.

India and the EU relaunched the negotiations for the free trade agreement (FTA) in June 2022 after a gap of over eight years.

"As the world's largest democratic forces, India and EU share a strong and close relationship built on trust, shared values, and a common vision for the future," the Indian readout said.

It said Modi, Costa and von der Leyen also welcomed progress in bilateral relations in key sectors such as trade, technology, investment, innovation, sustainability, defence, security and supply chain resilience, and reaffirmed the shared commitment for an early conclusion of the India-EU FTA negotiations and implementation of the IMEEC (India-Middle East-Europe Economic Corridor).

"Looking ahead, we plan to agree on a joint strategic agenda at the next EU-“India summit, as early as possible in 2026. We also remain fully committed to concluding the Free Trade Agreement negotiations by the end of the year. To achieve this, progress is needed now," von der Leyen said.

The Indian readout said the leaders also exchanged views on regional and global issues of mutual interest, including the efforts to bring an end to the conflict in Ukraine.

"PM Modi reiterated India's consistent support for peaceful resolution of the conflict and early restoration of peace and stability. The leaders agreed to remain in touch," it said.

The IMEEC initiative was firmed up on the sidelines of the G20 Summit in Delhi in 2023.

Billed as a pathbreaking initiative, it envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, Middle East and West. PTI MPB KVK KVK KVK