You are working on a project that utilizes a single Virtual Private Cloud (VPC) and a single subnetwork located in the us-central1 region. Within this subnetwork, there is a Compute Engine instance currently hosting an application. Your task is to deploy a new Compute Engine instance within the same project but in the europe-west1 region. This new instance must be able to access the application hosted by the existing instance. To achieve this, you intend to adhere to Google-recommended best practices. What steps should you take to accomplish this?