Kaja Kallas made the announcement to the European Parliament in Strasbourg ahead of an EU-India summit in Delhi next week, where the deal could be inked.
"Today, we agreed to move forward with the signature of a new EU-India security and defence partnership," Kallas told lawmakers.
The move comes as the two geopolitical heavyweights face economic and security challenges from the world's two biggest economies, China and the United States.
"The EU and India are moving closer together at the time when the rules-based international order is under unprecedented pressure through wars, coercion and economic fragmentation," Kallas said.
"Two major democracies cannot afford to hesitate. We must become more ambitious partners."
Kallas said the defence pact would deepen cooperation in areas including maritime security, cybersecurity and counter terrorism.
The EU has recently signed similar deals with Canada and Britain in a push to bring defence industries closer together as the allies contend with an aggressive Russia and worries over US reliability under President Donald Trump.
New Delhi, which has relied on Moscow for decades for key military hardware, has tried to cut its dependence on Russia in recent years by diversifying imports and pushing its own domestic manufacturing base.
With both hit by US tariffs, India and the 27-nation EU are also working on a free trade agreement.
This could be signed as soon as next week, when EU chiefs Ursula von der Leyen and Antonio Costa are due to travel to Delhi for the summit.
Kallas said Brussels was also looking to strike a deal on mobility to facilitate movement for seasonal workers, students, researchers and highly skilled professionals.
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