Signing of an EU-India BTIA, or a free trade agreement, has been hanging fire for 11 years now despite 16 rounds of negotiations.
"Today, we have reviewed the progress in implementation of the decisions taken at our last Summit, and the Agenda 2020 announced past year.", said PM Modi.
India and the European Union have been strategic partners since 2004.
"Leaders also agreed to further intensify cooperation on addressing environmental challenges, such as water management and air pollution, acknowledged the progress in implementing the India-EU Water Partnership, including an agreed action programme", it said.
A Broad-based Trade and Investment Agreement (BTIA) between India and the European Union has been hanging fire for 11 years now despite 16 rounds of negotiations.
The two sides also discussed the crisis involving more than 500,000 Rohingya Muslims fleeing from violence in Myanmar, and called for a de-escalation of tensions and their voluntary return home in safety and dignity.
Apart from the one on combating terrorism, two separate joint statements were also adopted by the two sides - one on clean energy and climate and another on a partnership for smart and sustainable urbanisation.
The free trade agreement is to cover market access in goods, services and public procurement, as well as create a framework for investment protection, intellectual property and competition.
Mr. Juncker said, "Beyond the free flow of goods and services, we should also step up work to ensure the free flow of personal data between your great nation and the European continent". Many of these services - and the jobs that go with them - depend on the exchange of data.
Prime Minister Narendra Modi, in his comments, acknowledged the European Union as India's "largest trade partner for a long time" and as one of its "largest sources of foreign direct investment". If India's standards of data protection are converging with those of the European Union, the EU will be in a position to recognise the adequacy of India's rules.
"We agreed to cooperate in security in the Indian Ocean region and beyond", he said.
India received around Dollars 83 billion of foreign direct investment from Europe during 2000-17, constituting approximately 24 per cent of total FDI inflows into the country during the period. They held talks with Prime Minister Narendra Modi at the 14th India-EU summit here earlier on Friday. He also welcomed the resumption of tactical exercise in the Gulf of Aden between EU's Naval Force Atlanta and the Indian Navy.