New Delhi, Jan 22 (PTI) A stronger relationship between India and the European Union can de-risk the world economy, External Affairs Minister S Jaishankar said on Thursday days ahead of a summit between the two sides.

The external affairs minister made the remarks during an interaction with the envoys of the European countries.

"Spoke to them about the current state of the world with volatility and instability as the new normal," he said on social media.

Jaishankar said a stronger India-EU relationship can stabilise the global order through stronger trade, mobility and security partnership. He also underlined the need for cooperation between the two sides to ensure resilient supply chains.

President of the European Council, Antonio Costa and President of the European Commission Ursula von der Leyen will be on a state visit to India from January 25-27.

The two European leaders will grace India's 77th Republic Day celebrations as the chief guests.

Costa and von der Leyen will hold summit talks with Prime Minister Narendra Modi on January 27.

"Look forward to the visit of @eucopresident Antonio Costa and European Commission President @vonderleyen to India for Republic Day celebrations," Jaishankar said.

The two sides are set to announce the conclusion of negotiations on the much-awaited free trade agreement at the summit.

The European Union is India's biggest trade partner with bilateral trade in goods recording USD 135 billion in the financial year 2023-24. The free trade agreement is expected to significantly enhance trade ties.

The proposed agreement is expected to bring a qualitative change in deepening the overall bilateral ties in a range of sectors as well at a time the world is witnessing trade disruptions in view of Washington's tariff policy.

Besides firming up the free trade agreement, the two sides are likely to unveil a defence framework pact and a strategic agenda at the summit.

India and the European Union have been strategic partners since 2004.

EU Ambassador to India Herve Delphin described the interaction with Jaishankar as "excellent".

"Excellent exchange with EAM @DrSJaishankar with Team EU /27 Ambassadors reflecting the high convergence of interests & the strategic value of our growing EU / bilateral partnerships with India: benefits are mutual & global. All eyes on next week's EU-India Summit & its deliverables," he said on X. PTI MPB ZMN

India-EU relations aim to conclude a free trade deal and defence pact to deepen trade and secure supply chains. The EU-India summit is expected to deliver a concluded free trade agreement, a defence framework pact, and a strategic agenda to deepen bilateral trade, mobility, security cooperation, and supply-chain resilience, framing these measures as policy mechanisms to de-risk global economic volatility.