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PM Modi holds talks with UK’s Rishi Sunak, leaders agree on balanced FTA
The conversation between the two leaders comes at a time when the two nations continue to hold talks to finalise a trade deal before 2023.
Prime Minister Narendra Modi on Thursday spoke to his newly appointed British counterpart Rishi Sunak. Modi said he and Sunak agreed on the importance of an early conclusion of a comprehensive and balanced free trade agreement (FTA) between India and the UK.
“Glad to speak to @RishiSunak today. Congratulated him on assuming charge as UK PM. 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 wrote on Twitter.
Sunak, who became the first British Prime Minister of Indian origin on Monday, thanked Modi for his greetings and said he was excited about what the two great democracies could achieve as they deepen their security, defence and economic partnership in the months and years ahead.
In his call with Modi, Sunak described himself as "a visual representation of the historic links between the UK and India," Sunak's office said.
The conversation between the two leaders comes at a time when the two nations continue to hold talks to finalise a trade deal before 2023.
The negotiations for the FTA have been going on since January and the aim was to conclude the discussions by Diwali. However, this deadline was missed due to a lack of consensus on issues.
Sunak, who had served as the Chancellor to the Exchequer, showed his support for the FTA as he saw enormous opportunities for India and the UK in the insurance and fintech sectors, a report by news agency PTI said.
Experts have said that the political stability returning to the UK would help fast-track the negotiations for the FTA.
