New Delhi, Feb. 28: India and the EU are eyeing to seal by this year a free trade deal that would be the largest of its kind globally, European Commission president Ursula von der Leyen said on Friday, asserting that the two sides must take the strategic ties to the "next level" to effectively navigate geopolitical challenges.

The top European leader explained how the world is fraught with "danger" and that the modern version of great power competition is an opportunity for Europe and India to "reimagine" their partnership.

Her comments came amid increasing strain in ties between the European Union and the US over trade and tariff as well as on the Russia-Ukraine conflict.

"Over the last 30 years we have done a lot together. But in truth we have only been scratching the surface of the potential that is there. So, this is not a time to place limits on our cooperation," she said at 'India's World'.

"It is time to be pragmatic and ambitious. And to realign our priorities for today's realities," she said ahead of talks with Prime Minister Narendra Modi.

"I want this visit to be the start of this new era. Prime Minister Modi and I share the same view. It is time to take our EU-India Strategic Partnership to the next level. For our own security and our prosperity.

"For the common global challenges that we face. And for the benefit of our respective regions and our partners around the world," she said.

The European Commission president said cooperation in trade and technology, security and defence and connectivity and global partnership can take EU-India partnership to next level.

"This is why we have agreed with Prime Minister Modi to push to get it done during this year. And you can count on my full commitment to make sure we can deliver," Von der Leyen said.

A failed Ukraine would also intensify the challenges in other parts of the world and not least in this region, she said.

On connectivity, the European Commission president said the India-Middle East-Europe corridor can be a modern golden road directly connecting India, Arabian Gulf and Europe.

On the proposed India-EU Security and Defence Partnership, Von der Leyen said it will help us step up "our work to counter common threats whether on cross-border terrorism, maritime security threats, cyber-attacks or the new phenomenon we see: attacks on our critical infrastructure." There is a lot that we can build on, she said.

"India is working hard to diversify its military supply and to access new capabilities. And I believe we can help each other to deliver on our security objectives," Von der Leyen added.-Agencies