India and the European Union are set to announce the conclusion of a free trade agreement, firming up of a defence partnership pact and a framework for mobility of Indian professionals at the summit talks next week, diplomatic sources said on Monday. European Council President Antonio Costa and European Commission President Ursula von der Leyen will be the chief guests at the Republic Day celebrations on January 26, and the India-EU summit will be held the next day. A military contingent from the EU, featuring the military staff flag and flags of Operations Atalanta and Aspides, the naval operations of the grouping, will feature at the Republic Day parade. It will be the EU's first participation in such an event outside of Europe, the sources said. Pressing global challenges, including the Russia-Ukraine war, the situation in the Middle East and the political developments in Venezuela, will be among the global issues that the two sides are likely to delve into at the summit, they .