PM Modi and British PM Rishi Sunak discuss bilateral trade in first-ever dialogue

On Thursday, Prime Minister Narendra Modi spoke with the newly elected British Prime Minister Rishi Sunak. Prime Minister Modi congratulated him on his election as Prime Minister of the United Kingdom. Both leaders agreed on the importance of completing a comprehensive and balanced free-trade agreement as soon as possible (FTA).

"We will work together to strengthen our Comprehensive Strategic Partnership. We also agreed on the importance of early conclusion of a comprehensive and balanced FTA," PM Modi tweeted. 

Rishi Sunak thanked Prime Minister Narendra Modi on Twitter for congratulating him on his new position.

As he put it, "The United Kingdom and India have a lot in common. I'm excited to see what our two great democracies can accomplish as we strengthen our security, defence, and economic partnership in the coming months and years."

Negotiations for a free-trade agreement (FTA) between India and the United Kingdom began in January, with the goal of commencing talks by Diwali, but the time limit was missed due to a lack of agreement on issues.

Sunak earlier voiced support for the FTA as Chancellor of the Exchequer, citing tremendous opportunity in the fintech and insurance sectors for both countries.