India, Jan. 28 -- India and the European Union (EU) concluded a free trade agreement billed as the "mother of all deals", with their leaders positioning commerce as a bulwark against protectionism and pledging to shore up a rules-based world order while expanding security and defence ties.

Prime Minister Narendra Modi hosted European Council President Antonio Costa and European Commission President Ursula von der Leyen for the India-EU Summit a day after the 27-member bloc's leaders served as chief guests at Republic Day celebrations - an honour reserved for India's closest strategic partners.

The EU will eliminate tariffs on 99% of Indian exports by value over seven years, with duties set to be cut away on $33 billion in labour-intensi...