This would mean setting in place a deal by 2019, when Juncker's first term ends. The President has already stated that he will not seek a second term.
He also proposed striking a political deal on trade with Mexico and South American countries by the end of the year. EU officials are currently in talks to update a 17-year-old free trade accord with Mexico and create its first accord with Mercosur, the collective group comprising Argentina, Brazil, Paraguay and Uruguay.
This comes as the U.K. is eager to strike its own free trade deals post-Brexit. However, EU rules mean that it can't sign deals until it has left the bloc.
Juncker said that such new EU deals would be crucial to further job creation within the bloc, but added that they must be built on reciprocity.
"Europe is open to trade but there must be reciprocity. We have to get as much back as we put in," he said.