India and the European Union have agreed to finalize a long-pending free trade agreement this year and boost cooperation in trade, technology, connectivity and defense, Indian Prime Minister Narendra Modi and the European Commission chief said Friday.

The head of the European Commission, Ursula von der Leyen said EU and India were pushing to get a free trade agreement during this year. "I am well aware it will not be easy. But I also know that timing and determination counts," von der Leyen said in Delhi, adding that such an agreement would be the largest deal of this kind anywhere in the world.

Its their first commitment to a deadline on talks that have been going for years, as they look to soften the effect of tariff increases from the US.