The European Union and India have agreed to set up a trade and technology council to step up cooperation, Reuters reports.

European Commission President Ursula von der Leyen is on a two-day visit to the Indian capital as part of a Western effort to encourage New Delhi to cut ties with Russia.

The United States is the only country that has a technical agreement with the EU similar to the one signed with India on Monday.

"Strengthening the EU-US partnership is a key priority for this decade. We will step up cooperation in trade, technology and security. This is why I’m pleased that Narendra Modi and I will establish an EU-Indian Trade and Technology Council," Ursula von der Leyen tweeted.

She named cooperation on security, climate change and trade as key areas of focus.

"Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement.

The Trade and Technology Council will provide the political steer and the necessary structure to operationalise political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in areas that are important for the sustainable progress of European and Indian economies," the EU said in a statement.