Seoul: Prime Minister Narendra Modi said on Friday that the time has come for the global community to "unite and act" to completely eradicate terror networks and their financing supply channels as he identified radicalisation and terrorism as the biggest threats to global peace and security.

Modi, who is here on a two-day visit to South Korea, expressed his gratitude for South Korea's support following one of the worst terror attacks by Pakistan-based Jaish-e-Mohammad terror group that killed 40 CRPF soldiers in Jammu and Kashmir's Pulwama district on February 14.

Addressing the media after his talks with President Moon Jae-in, Prime Minister Modi said that the time has come when the world, going beyond the talks, should "unite and act" against terrorism.

Later, speaking at an event after receiving the prestigious Seoul Peace Prize for 2018 here, Prime Minister Modi said that like Korea, India has also suffered the pain of cross-border strife.

"Our endeavour towards peaceful developments has only too often been derailed by cross-border terrorism," he said in an apparent reference to Pakistan, which is accused of providing safe havens to several terror groups.

While India has been the victim of cross-border terrorism for over 40 years, all nations today face this grave threat which respects no borders, he added.

"The time has come for all those who believe in humanity to join hands, to completely eradicate terrorist networks, and their financing supply channels and counter terrorist ideology and propaganda. Only by doing so, can we replace hate with harmony, destruction with development, and transform the landscape of violence and vendetta into a post-guard of peace," Modi said.

He recalled that a few months before the Seoul Olympics in 1988, an organization called al-Qaeda was formed.

"Today, radicalisation and terrorism have become globalised and are the biggest threats to global peace and security," he said.

Prime Minister Modi expressed his gratitude to President Moon for his condolences and support on the Pulwama attack.

"We are committed towards strengthening our bilateral and multilateral cooperation against terrorism," he said.

He said an MoU signed between India's Home Ministry and South Korea's National Police Agency today will further take forward the counter-terrorism cooperation between the two sides.