New Delhi, Sept. 29 -- JPMorgan Chase chief Jamie Dimon wants fewer trade barriers between the US and Europe, but his proposal comes with a catch: the European Union would first need to overhaul its economy, strengthen defence and reduce strategic dependencies.

Dimon laid out the proposal in an opinion piece published by the Wall Street Journal on Monday, presenting closer US-Europe economic ties as part of a broader effort to strengthen Western economies and alliances.

"I believe the US should offer Europe a major inducement: If it executes meaningful economic and military reforms, including everything that we consider crucial for security and resiliency, the US will negotiate one big, beautiful economic and free-trade agreement with E...