New Delhi, Jan 25 (PTI) External Affairs Minister S Jaishankar on Sunday hoped that summit talks between Prime Minister Narendra Modi and the top leadership of European Union will herald a "new chapter" in the two-way ties.

Jaishankar made the remarks after meeting European Council President Antonio Costa and European Commission President Ursula von der Leyen.

The two top leaders of the 27-nation bloc will grace the Republic Day celebrations as chief guests on Monday. They will hold summit talks with PM Modi on Tuesday.

At the summit on Tuesday, India and the EU are set to announce the conclusion of the much-awaited free trade agreement, firm up a strategic defence partnership pact and a framework for mobility of Indian professionals.

The two sides are also expected to unveil a set of new initiatives to broadbase the overall ties besides deliberating on the disruptions caused by the Trump administration's economic and security policies.

"Delighted to welcome President @EUCouncil Antonio Costa and President @EU_Commission @vonderleyen to India," Jaishankar said on social media.

"A great privilege to have them as Chief Guests for the 77th Republic Day celebrations. Confident that their upcoming discussions with Prime Minister @narendramodi will herald a new chapter in India-European Union relations," he added.

While von der Leyen landed in New Delhi on Saturday, Costa arrived here on Sunday.

India and the European Union are on the cusp of a "historic trade agreement" that would create a market comprising two billion people accounting for almost a quarter of the global GDP, von der Leyen said at the World Economic Forum in Davos on January 20.

The relations between India and the EU have been on an upswing in the last few years.

The EU, as a bloc, is India's largest trading partner in goods. For financial year 2024-25, India's total trade in goods with the EU was worth about USD 136 billion, with exports around USD 76 billion, and imports at USD 60 billion. PTI MPB KVK KVK

India-EU summit set to conclude a free trade agreement and establish defence and professional mobility frameworks. Negotiations are nearing conclusion on a free trade agreement to create an integrated India-EU market, alongside parallel negotiations on a strategic defence partnership and a framework for mobility of Indian professionals, with additional initiatives intended to broaden bilateral ties and mechanisms to address external economic and security policy disruptions.