Prime Minister Narendra Modi on Thursday spoke to new British premier Rishi Sunak with the two leaders agreeing on the importance of early conclusion of a comprehensive and balanced free trade agreement between the two countries.
Sunak said that his vision for India-UK bilateral ties has gone beyond the opportunity for the UK to sell things in India, wanting Britain to also "learn from India."
Prime Minister Narendra Modi on Thursday spoke to new British premier Rishi Sunak with the two leaders agreeing on the importance of early conclusion of a comprehensive and balanced free trade agreement between the two countries.
His vision for India-UK bilateral ties has gone beyond the opportunity for the UK to sell things in India, wanting Britain to also "learn from India". The total trade between India and the UK stood at USD 17.5 billion in 2021-22.
It was their first conversation since Indian-origin Sunak took charge as British prime minister on Tuesday.
Sunak also said he was "excited" about what the two great democracies can achieve as they deepen their security, defence and economic partnership.
His comments came soon after Prime Minister Modi spoke to him over phone and congratulated him on assuming charge as British Prime Minister.
"We will work together to further strengthen our Comprehensive Strategic Partnership. We also agreed on the importance of early conclusion of a comprehensive and balanced FTA," Modi tweeted.
Sunak replied, "Thank you Prime Minister @NarendraModi for your kind words as I get started in my new role. The UK and India share so much. I'm excited about what our two great democracies can achieve as we deepen our security, defence and economic partnership in the months & years ahead."
India and Britain launched negotiations for the Free Trade Agreement in January with an aim to conclude talks by Diwali but the deadline was missed due to a lack of consensus on issues.
The India-UK free trade deal is likely to get the much-needed impetus with Sunak moving into 10 Downing Street as experts see political stability in the UK giving momentum to negotiations.
Sunak, in his previous role as Chancellor of the Exchequer, had expressed support for the FTA as he saw enormous opportunities for both countries in the fintech and insurance sectors.
According to the experts, political stability in the UK now would help fast-track the negotiations for the pact, which could potentially double bilateral trade by 2030.
India has in recent times signed trade deals with the United Arab Emirates and Australia but talks with the UK had hit a snag over easier access to Indian skilled workers.
Sunak, 42, was elected Conservative Party leader on Monday, marking a very special Diwali for the former Chancellor of Exchequer who entered 10 Downing Street as the youngest British Prime Minister in 210 years.
Sunak’s historic milestone as the country's first non-white Prime Minister is being widely celebrated as a sign of the diversity of modern-day Britain. He took over from Liz Truss just 49 days after she defeated him in the last leadership race.
(With inputs from PTI)