Berlin: Underlining the importance of India's bilateral ties with Germany, Prime Minister Narendra Modi on Monday said both countries share several common values and have made significant progress over the last few years.

Addressing a joint statement with German Chancellor Olaf Scholz in Berlin, PM Modi said, so many firsts in this visit show how much priority India and Germany accord to this important partnership.

"As democratic countries, both India and Germany share several common values. Based on these values, our bilateral relations have made significant progress over the last few years," he said.

"Since our last Inter-Governmental Consultations in 2019, several important changes have taken place in the world. Recent geopolitical incidents have shown that world peace and stability is in critical condition and showed how all countries are interconnected," he added.

Speaking on the Russia-Ukraine conflict, PM Modi said that talks are the only way to solve the Ukraine crisis. "We believe that no party will be victorious in this war," he said.

Earlier today, PM Modi and the German Chancellor signed the green and sustainable energy partnership at the Federal Chancellery in Berlin.

This was signed after the sixth Inter-Governmental Consultations, a unique biennial format which India conducts only with Germany.

IGC is a unique mechanism which brings together several ministers and officials from both sides to engage in bilateral discussions culminating in a plenary session which is chaired by the two leaders.

It reviews cooperation between the two countries across a range of areas as also to identify fresh areas of partnership. The Ministry of External Affairs (MEA) said that the IGA will encompass a broad spectrum of areas of mutual interest.

The Prime Minister's Office (PMO) said the Inter-Governmental Consultation between India and Germany illustrates the special nature of this friendship.

PM Modi today also held a bilateral meeting with Chancellor Scholz. This was their first engagement since Chancellor Scholz assumed office in December 2021.

Discussions covered key areas of bilateral cooperation under the overall strategic partnership, as well as regional and global developments.

The Prime Minister was accorded a ceremonial guard of honour on his arrival in Germany. He arrived in Germany on the first leg of his three-day Europe visit and got a rousing welcome from the Indian diaspora in Berlin.

PM Modi is also scheduled to visit Denmark on Tuesday to hold talks with leaders from Nordic countries. He will also make a stopover in Paris on Wednesday and meet the newly re-elected French President Emmanuel Macron.